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SCI Annual Report 2022

Jun 30, 2023

52383_rns_2023-06-30_f8cd0bad-a9ff-4d2d-b889-3e263be3a8de.pdf

Annual Report

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Stock Code 4119

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SCI PHARMTECH, INC.

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Notice to readers

This English-version annual report is a summary translation of the Chinese version and is not an official document of the shareholders’ meeting. If there is any discrepancy between the English and Chinese versions, the Chinese version shall prevail.

Taiwan Stock Exchange Market Observation Post System: http://mops.twse.com.tw

SCI Annual Report is available at: http://www.sci-pharmtech.com.tw

Printed on May 13, 2023

1. Name, title, contact number, and e-mail of spokesperson and deputy spokesperson

Spokesperson Name: Deiter Yang Title: Finance & Administration manager Tel: 886-3-3543133 ext 710 E-mail: [email protected] Deputy Spokesperson Name: Lisa Kuo Title: Finance & Administration Director Tel: 886-3-3543133 ext 711 E-mail: [email protected]

2. Address and contact number of headquarters, branches and plant

Headquarters and plant address: No.61, Ln. 309, Haihu N. Rd., Luzhu Dist., Taoyuan City , Taiwan Tel: 886-3-3543133 Fax: 886-3-3544840 Branches: None

3. Name, address, website, and contact number of Stock Transfer

Agent Name: Horizon Securities Co., LTD. Address: 3F, No.236, Sec. 4, Xinyi Rd. Taipei City, Taiwan Tel: 886-2-77198899

Website: Http://www.honsec.com.tw

4. Auditors and the name, address, website and contact number of the

accounting firm for the latest financial report

Name of CPA: Daisy Kuo and Swimming Hsu Name: KPMG Address: 68F, No.7, Sec. 5, Xinyi Rd. Taipei City, Taiwan Tel: 886-2-81016666

Website: http://www.kpmg.tw

5. Overseas Securities Exchange: None

6. Corporate Website: http://www.sci-pharmtech.com.tw

Contents

  1. Letter to Shareholders………………………………………………………………….. 1 2. Company Profile…………………………………………………….…………………. 7 2.1 Date of Incorporation…………………………………………………………… 8 2.2 Company History………………………………..………………………………. 8 3. Corporate Governance Report………………………………………………………… 11 3.1 Organization……………………….…………………………………………… 12 3.2 Information on Directors and Management Team………………………….….. 16 3.3 Implementation of Corporate Governance………………………….………… 34 3.4 Information Regarding the Company’s Audit Fee and Independence………... 64 3.5 Replacement of CPA information………………………………….………….. 64 3.6 If the Company's Chairman, President, or managers responsible for financial and accounting affairs have held any position in the accounting firm or its affiliates during the past year, all relevant information should be disclosed…… 65 3.7 Equity transfer or changes to equity pledge of directors, managerial officers, or shareholders holding more than 10% of company shares in the most recent year to the publication date of this report.…………………………………… 65 3.8 Relationship information, if among the 10 largest shareholders any one is a related party, or is the spouse or a relative within the second degree…………. 67 3.9 The total number of shares and total equity stake held in any single enterprise by the company, its directors and supervisors, managerial officers, and any companies controlled either directly or indirectly by the company…………… 67 4. Capital Overview …………………..………….…………………………………… 68 4.1 Capital and Shares ……………………………………………………………… 69 4.2 Status of Corporate Bonds ……………………….……...…………………… 75 4.3 Status of Preferred Stock …………………………..………………………… 75 4.4 Status of Global Depository Receipt ……………………………………… 75 4.5 Status of Employee Stock Option Plan and Employee Restricted Stock Plan . 75 4.6 Status of Mergers, Acquisitions, and Spin-Offs ……………………….……….. 75 4.7 Financing Plans and Implementation Status ….………...……………………… 75 5. Operational Highlights …………………………………………………...…………… 76 5.1 Business Activities …………………………..….……………………………… 77 5.2 Market and Sales Overview …………………………….…………………… 88

5.3 Human Resources …………………………………………………………… 96 5.4 Environmental Protection Expenditure ……………………………………… 96 5.5 Labor Relations……………………………………………………….……… 99 5.6 Information security management …………………...………………………... 101 5.7 Important Contracts ………………….………………………………………… 102 6. Financial Information……...…………………………………………………..…….. 105 6.1 Five-Year Financial Summary….……………….……………………………. 106 6.2 Five-Year Financial Analysis …………………………………………...……. 110 6.3 Audit Committee’s Report in the Most Recent Year …………………………. 115 6.4 The Audited Consolidated Financial Report for the most Recent Fiscal Year 116 6.5 The Audited Parent Company only Financial Report for the most Recent Fiscal Year …………………………………………………………..……………….. 116 6.6 If the company or its affiliates have experienced financial difficulties, the annual report shall explain how said difficulties will affect the company's financial situation …………………………………………………………...... 116 7. Review of Financial Conditions, Operating Results, and Risk Management ….…… 117 7.1 Financial Status ………..………..……………………………………………. 118 7.2 Operation Results ………….…………………………………………………. 119 7.3 Cash Flow ……..……………………………………...……………...……… 121 7.4 Impact of major capital expenditures on the financial business in the most recent year…………………………………………………………………….. 122 7.5 Investment Policy in Last Year, Main Causes for Profits or Losses, improvement Plans and the Investment Plans for the Coming Year …………. 122 7.6 Risk analysis and assessmentof the most recent year up to the date of this report printed …………………..……………………………………............. 123 7.7 Other Important Matters ………………………….…………………………. 131 8. Special Disclosure ……...…………………………………………………………… 132 8.1 Affiliated enterprises ………………….…………………………………….... 133 8.2 Private placement securities of the most recent year up to the date of this report printed …………………………………………………….…………… 134 8.3 The Shares in the Company Held or Disposed of by Subsidiaries of the most recent year up to the date of this report printed ……………………….……. 135 8.4 Other Necessary Supplement ………………….……………………………... 135 8.5 Any event which has a material impact on the shareholders' equity or

securities prices as prescribed in Subparagraph 2, Paragraph 2, Article 36 of the Securities and Exchange Act that has occurred in the most recent year up to the printing date of this annual report.. ………………….……….…. 142 Attachment 1: Complain channel …..………….……………………………….……… 143 Attachment 2: Statement of Internal Control System…………….……..……...……… 144 Attachment 3: Information security management policy……………………….……… 145 Attachment 4: Sustainable Development…..……………………………………...…… 147 Attachment 5: Performance Evaluation Regulation of the Board of Directors………... 150 Attachment 6: Risk Management Policy and Procedure………………….…………… 152 Attachment 7: Intellectual Property Management Plan…………………...…………… 158 Attachment 8:The Audited Consolidated Financial Report for the most Recent Fiscal Year…………………………………………………………………….. 160 Attachment 9: The Audited Parent Company only Financial Report for the most Recent Fiscal Year………………………………………..…………………….. 228

1. Letter to Shareholders

1

Dear shareholders:

Time flies. Two years have passed since the disastrous fire. As the pandemic broke out in Taiwan in 2022 and the weather was often bad, coupled with many factors involving internal management and external contractors, we failed to meet the reconstruction schedule as planned. I hereby would like to apologize to all shareholders for letting you down, but we really work to the best of our abilities. We resumed partial production of Luzhu factory at the very end of 2021, and the production capacity gradually increased from single digits to 30% at the end of 2022. The lease agreement of external plant was terminated in early July, 2022, due to the lessor’s own needs. These precious production capacities were like some rainfall to irrigate and nourish the dry land resulting from a long drought, and regenerate vitality. Therefore, in spite of nearly no stock injection, the 2022 revenues could grow slightly compared with the previous year. It is like the green sprouts are popping up. We will restore 60% of the production capacity in the second quarter of 2023 and all production lines will be completed by mid-2023. In addition, with the inauguration of the Guanyin Factory in 2024, we are confident that SCI will soon be lush with promising prospect.

The following is the 2022 business report and 2023 business plan.

Business Report

I. Annual Business Report of 2022

(1) Implementation results of our business plans

2022 revenues were 899,738 thousand, the gross profit rate was 32%, and the operating profit was 118,970 thousand. As in the previous year, due to the subsequent impact of the fire, there were more non-operating incomes and losses in 2022. The net profit was 308,780 thousand, translating into 3.24 EPS. Using limited production capacity, we still made a profit. During the past toughest two years, we had cared every penny by means of trying to increase revenues and cutting expenditure as much as possible. Thus, the bottom lines were in the black. I believe we will be able to get rid of the haze of the fire and welcome a fresh start.

(2) Situations of budget implementation

SCI did not publicly disclose 2022 financial forecast. The annual budget passed by the board of directors in December 2021 wasn’t exactly achieved mainly because the reconstruction work was behind schedule, making the production capacity shorter than the expected.

(3) Analyses of financial income and expenditure and profitability

The overview of income and expenditure in 2022 is compared and elaborated as follows:

Income:

ome:
Unit: Thousand
Item 2022 2021 Growth Rate
Revenues 899,738 864,217 4.1%
Otherincomes 299,212 37,564 696.5%

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Description:

In 2021, 60% of the revenues came from surviving inventory whereas in 2022, almost all from newly manufactured products. We prioritized the production and sales of high-margin items and tried our best to maintain or even increase the sales prices. This move drove revenues to grow slightly and gross profit to increase significantly. The operating activities continued to make a profit and generate cash inflows.

Other incomes mainly stemmed from insurance claim for business interruption, loss reversal of estimated neighboring factories’ compensations and foreign exchange income. About 98% of the compensation amount caused by the fire had been settled as of March 1, 2023 and it is expected that the settlement would be fully completed this year. Overall, the actual compensation amount is about 80% of the estimated one.

Expenditure:

Expenditure:
Unit: Thousand
Item 2022 2021 Growth Rate
Operatingcost 608,559 656,128 -7.2%
Operatingexpense 172,209 134,431 28.1%
Non-operatingexpense 30,362 45,716 -33.6

Description:

In 2022, the revenues were only about 1/3 of the pre-disaster level. Inability to reach the economic scale and the depreciation of new equipment also pushed up the operating cost, making the gross profit rate inferior to those before the disaster. Fortunately, due to favorable exchange rate and sales strategy, GP rate was much better than that of 2021. The leased production line could only produce less regulated and relatively limited intermediates. In addition, after the lease agreement ended, it cost a lot of money and time to modify the equipment and return them to their original condition. These all increased operating costs.

After the disaster, we implemented a cost-saving policy to reduce operating expenses. In 2022, operating expenses increased by 28% compared with the previous year, mainly due to the increase in variable salary expenses such as employee compensation.

Other expenses consisted of the evaluation loss of financial assets and the recognition of Framosa’s operating loss according to the shareholding. In 2022, the US raised interest rates by 4.25%, which caused a significant price drop of fixed-income financial products. Framosa expects to be operational in mid-2024 and make a profit in 2025.

Analysis of profitability:

Item 2022 2021
Profitability Return On Assets(ROA) (�) 6.7 1.3
Return On Equity (ROE) (�) 8.9 1.7
Profit Margin(�) 34 6
Earnings Per Share(EPS)�NT$� 3.24 0.58

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Description:

All in all, limited production capacity affected 2022 operating results. A significant part of net income came from non-operating activities.

(4) Situations of research and development

The personnel principle of the company in 2022 was "no replacement for vacancies". Hence, some colleagues in R&D department still supported production in the rented factory as in the previous year while others assisted with IQ, OQ, PQ required for new equipment in an effort to speed up factory overall resumption. The task of optimizing the manufacturing processes of old products continued to be carried out in order to save energy, reduce waste and conform to the ESG trend. The newly developed product, Buprenorphine, which is an anti-addiction drug, has its manufacturing process scaled up by the R&D department so that it could be smoothly mass-produced in the near future. The API of an Alzheimer's drug manufactured for a new drug developer several years ago has an excellent process and quality, which is highly recognized by the customer. Clinical trial data of the new drug now shows significant efficacy and it is hoped that this product would bear fruit in the near future.

II. Annual business plan overview of 2023

  • (1) Business policy

The business policy in the future:

  1. Restore all of the production capacity by the second half of 2023, maintain a close relationship with customers and build up the connection with medications’ originators.

  2. Establish a new production plant to maintain operational flexibility and expand CDMO businesses.

  3. Implement circular economy, contributing to the sustainability of the earth.

  4. (2) Expected sales volume and its basis

  5. Expected sales volume

pected sales volume and its basis
Expected sales volume
Item Sales volume�Tons�
API 261
Intermediate 115
Others 0
Total 376

2. Sales basis

The expected sales volume in the above chart is based on the company's 2023 Annual Budget approved by the board of directors. The estimation is mainly based on the demands from customers as well as the restoration of in-house capacity. With the capacity increase, the sales revenue is expected to grow compared with that of the previous year.

  • (3) Important policies on production and marketing:

SCI formulates its policies of production and marketing mainly based on product characteristics and customer categories:

  1. APIs: The priorities are to supply products to the originators, avoid best-selling products, choose the existing APIs with high safety quality, stable market sales, new applications, and new dosage forms or possibilities for being developed into new drugs.

  2. Intermediates: The target is aimed at the supplies to the originators first. Secondly, we aim to

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develop intermediates with high entry barriers, intermediates subject to stricter regulations and quality management systems, intermediates related to the company's core technology, intermediates with strategic cooperation partners, and the intermediates which have already been involved in the company’s R & D stage. By means of the intermediates with the aforementioned characteristics, we could achieve effective market segmentation against our competitors, so as to avoid price competition.

  1. Specialty chemicals: SCI produces and sells electronic specialty chemicals using the high standards in the pharmaceutical industry. In response to customer demands, SCI develops manufacturing processes, customizing and mass-producing products.

III. The company's development strategy in the future, as well as the influence caused by external competitive environments, regulatory environments and overall business environments

Guanyin Factory held a beam-raising ceremony in mid-October, 2022. The 9-storey building rose up, becoming a prominent landmark in Guanyin Industrial Park. The following contracts of storage equipment, electricity and firefighting systems have also been drawn up, driving the factory towards trial run in the first half of 2024. The original capex of Guanyin factory was NT$1.2 billion. However, due to the inflation and planning change, the board of directors approved an increase in the budget to a total amount of NT$2 billion in December 2022. In addition, the reconstruction of Luzhu factory, whose total capex is estimated at over NT$2 billion, will be completed in the second half of 2023. The increase in depreciation caused by these huge capital expenditures will definitely require highmargin niche products to recover and enhance the internal rate of return. Therefore, whether new products are able to produce the expected contributions will be a decisive factor affecting the company's future operations. The cash outflow of these investment activities depends on insurance claims and bank borrowings. It is expected that bank borrowings will reach a peak in 2024, and the overall debt-to-asset ratio may be up to 40%. This is a stark contrast with the company's long-term zero financial leverage in the past. As a result, the company's ability to distribute dividends will be greatly limited in the next 2-3 years. I hereby would like to ask all shareholders for your understanding and continued support. We will take on the overwhelming responsibility, moving forward, doing our utmost not to let you down. Framosa finished the second capital increase in 2022 and its construction project was in full swing in the fourth quarter of the year. Its capex also increased significantly like the Guanyin factory. Our French partner plans to use bank financing to respond. Loan for new venture typically requires investors’ endorsement. Considering the legal restrictions on the amount of guarantee, SCI invested less in this capital increase, inviting Mercuries Holding, SCI’s mother company, to subscribe to the remaining shares. The group as a whole still holds 40% of the shareholding. In view of the ESG trend in the world, we believe that this is a direction we should head for. Veolia Group is the leader of the world's environmental protection industry. We are fortunate to have an excellent partner. We expect Framosa to serve as SCI’s wings, which could fly us high in the global pharmaceutical market.

The company's current production capacity has not yet fully recovered. The main issue accordingly lies in supply capacity rather than market demand. The external competitive environment has a slight impact on our businesses for the time being. That being said, after the reconstruction of the Luzhu factory and the inauguration of the Guanyin factory, SCI will significantly face how to respond to external competition to increase capacity utilization. Price competition from Indian manufacturers is still the biggest challenge facing API producers. The Indian government’s regulatory support and being the second most populous country in the world are competitive advantages which API manufacturers in other countries don’t possess. We participated in the exhibition in 2022 in Europe again where we learned that some customers had found new suppliers during the two-year

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interruption of the company’s operations, which put us under internal and external operating pressure. We hope that the Alzheimer’s drug, narcolepsy drug, cannabidiol and Glaucoma drug, etc. could renew product portfolio and strengthen the company's competitiveness.

During the 2 years after the fire, the damaged facilities and equipment have been gradually rebuilt. The manufacturing equipment, air conditioning system, nitrogen system and computer system are almost all the same as before the disaster, and the relevant validation work has been subsequently completed. The audits by important customers from all over the world have not been interrupted (a total of 35 times). Whether it is remote or on-site, the results are satisfactory, showing the compliance of the GMP system and the effectiveness of its operation. The implementation of ISO-9000 system was reexamined by the third-party agency in late 2022, no non-compliance found. As a result, the certificate continues to be valid. Taiwan's TFDA completed the GMP inspection of the production of 4 APls in the restored production lines in March 2022, and their drug certificates and GMP certificates are kept valid. In addition, in May 2022, when TFDA completed the routine GMP and Good Distribution Practice (GDP) evaluation, the auditing results were good. In October of the same year, we obtained 16 API products’ Good Manufacturing and Good Distribution Certificates, making these products qualified for being manufactured at the restored factory area. The factory reconstruction keeps going on and the following GMP assessment of the restored factory area will be made by TFDA in order to achieve the GMP status of the whole factory. After the disaster, the relevant facilities and equipment rebuilding, validation and effectiveness, and product changes have been reported to important government agencies around the world, such as the EU EDQM, the US FDA, and the Japanese PMDA. All registered API certificates are still maintained and remain valid. There is no problem exporting our products. SCI’s GMP and ISO quality system continue to improve, regulatory compliance and operation are not interrupted, and SCI is duty-bound to provide high-quality APIs to global customers.

In 2022, the U.S. Federal Reserve raised interest rates drastically to curb inflation. In spite of the unprecedented move, the company has already suffered the consequences of the high cost of rebuilding. The bank loans in the next few years will also cause the company to bear higher interest costs. The phenomenon of declining birthrate and the magnetic attraction effect of the semiconductor industry have made workforce shortage a common problem faced by all enterprises in Taiwan, including SCI. In the post-epidemic time, governments of many countries are heavily in debt, and it is inevitable to cut various expenditures in the future. The end of 2022 saw the bankruptcy of the largest generic pharmaceutical company in the Netherlands. It seems that there is no reason for optimism judging from the macro-economic point of view. However, as the management class of an enterprise, we have no right to be pessimistic. What we can do is take the helm firmly, moving forward relentlessly and facing the uncertain future courageously.

Finally,

Wish you all happiness, health, and safety.

Chairman � Wei-Chyun Wong General Manager � Wen-Chin Chou Financial Manager � Wen-Chen Yang

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� 2 Company Profile

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2.1 Date of Incorporation : Established date: September 18, 1987

2.2 Company History

September 1987 SCI was founded with paid-in capital of NT$ 14,800.5 thousand by
SIEGFRIED�Taiwan’s natural person and USA’s natural person.
January 1988 Issuance of common stock of NT$ 34,699.5 thousand. Paid-in capital
increased to NT$ 49,500 thousand.
April 1988 Purchased land in Haihu Village, Luzhu Township, Taoyuan County.
August 1988 The first phase of plant construction began.
December 1989 The first phase of the plant was completed and mass production of the first
intermediate product began.
August 1990 Issuance of common stock of NT$ 30,500 thousand. Paid-in capital increased
to NT$ 80,000 thousand.
February 1991 Issuance of common stock of NT$ 40,000 thousand. Paid-in capital increased
to NT$ 120,000 thousand.
March 1991 Obtained the qualification of bonded factory of Taipei Customs Bureau of the
Ministry of Finance.
September 1991 Issuance of common stock of NT$ 40,000 thousand. Paid-in capital increased
to NT$ 160,000 thousand.
December 1991 The second phase of the plant was completed, and the mass production of the
first API product began.
January 1993 Issuance of common stock of NT$ 40,000 thousand. Paid-in capital increased
to NT$ 200,000 thousand.
November 1995 The capital reduction was NT$ 80,000 thousand, and the paid-in capital after
the capital reduction was NT$ 120,000 thousand.
April 1996 Swiss SIEGFRIED Group acquires 100% equity.
April 1996 Issuance of common stock of NT$ 80,000 thousand. Paid-in capital increased
to NT$ 200,000 thousand.
September 1996 The third phase of the factory was completed, and the product items
accumulated to 25.
November 1999 Obtained ISO 14001 Certification.
April 2000 The reconstruction of the test plant was completed.
December 2000 The fourth phase of the factory was completed, and the product items
accumulated to 30.
April 2001 Mercuries & Associates Group acquired 80% of the Company's equity.
October 2001 Obtained ISO 9001 2000 certification.

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March 2002 The number of product items is accumulated to 35.
April 2002 Issuance of common stock and recapitalization of retained earnings of NT$ 28,000 thousand. Paid-in capital increased to NT$ 228,000 thousand.
May 2002 The company name was changed to SCI Pharmtech, Inc.
July 2002 Completed initial public offering of its shares in Taiwan.
August 2002 Common stocks are registered as emerging stocks in the TPEX.
January 2003 Issuance of common stock of NT$ 40,000 thousand. Paid-in capital increased
to NT$ 268,000 thousand.
June 2003 The Industrial Bureau of the Ministry of Economic Affairs deliberated and
approved the application for listing of science and technology undertakings.
June 2003 Recapitalization of retained earnings of NT$ 33,290 thousand. Paid-in capital
increased to NT$ 301,290 thousand.
January 2004 Listing shares on the Taiwan Stock Exchange, with stock code 4119
June 2004 Factory inspection through the Department of Health's�Good Manufacturing
Practices for Pharmaceutical Products API Operation Benchmark�.
July 2004 Recapitalization of retained earnings of NT$23,816,750. Paid-in capital
increased to NT$325,106,750.
November 2005 Passed U.S. FDA’s site inspection.
June 2008 Established Nanjing SCI Pharmtech Ltd in Nanjing, China.
July 2008 Recapitalization of retained earnings of NT$ 36,510,670. Paid-in capital
increased to NT$ 361,617,420.
July 2009 Recapitalization of retained earnings & employee bonus. Paid-in capital
increased to NT$ 401,211,720.
June 2010 Passed OHSAS 18001:2007 Certification.
July 2010 Recapitalization of retained earnings & employee bonus. Paid-in capital
increased to NT$ 448,705,630.
March 2011 Passed Europe EDQM’s site inspection.
July 2011 Recapitalization of retained earnings & employee bonus. Paid-in capital
increased to NT$ 490,297,690.
January 2013 Passed U.S. FDA’s second site inspection.
March 2013 Liquidation of Nanjing SCI Pharmtech Ltd in Nanjing, China.
June 2013 Established Yushan Pharmaceuticals Inc.
August 2013 Issued unsecured convertible corporate bonds.

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August 2013 Recapitalization of retained earnings & employee bonus. Paid-in capital
increased to NT$ 537,001,070.
September 2013 Issuance of common stock of NT$ 120,000 thousand. Paid-in capital
increased to NT$ 657,001,070.
August 2014 Recapitalization of retained earnings & employee bonus. Paid-in capital
increased to NT$ 696,904,950.
October 2014 Yushan Pharmaceuticals Inc. changed its chinese name.
April 2015 Passed U.S. FDA’s third site inspection.
September 2016 The issued corporate bonds matured and the paid-in capital after conversion
was NT$ 794,853,100.
June 2017 Passed Europe EDQM’s second site inspection.
September 2017 Passed U.S. FDA’s fourth site inspection.
November 2017 Passed Japan PMDA’s site inspection.
November 2019 Passed U.S. FDA’s fifth site inspection.
April 2020 President Tsai visited SCI.
August 2020 Signed a contract with Veolia Environment to establish Framosa Co,Ltd. with
a 40% and 60% shareholding ratio to engage in circular economy activities
for thepurification and reuse of chemical solvents.
December 2020 At noon on December 20, an explosion occurred on the company's production
line and caused a fire.
November 2021 Recapitalization of retained earnings of NT$ 33,290 thousand. Paid-in capital
increased to NT$ 953,823,720.
November 2021 The board of directors has approved the capex of Guanyin Plant.
October 2021 For 15 consecutive years, it has been appraised as a premium bonded factory
by the Taipei Customs Bureau of the Ministry of Finance.
December 2021 Partial area has resumed production, providing about 10% of production
capacity.
March 2022 TFDA GMP site inspection
September 2022 Signed a DBO contract with Framosa Co., Ltd. for the wastewater treatment
facilityof Guanyin Plant.
December 2022 The board of directors has approved the additional budget for the construction
of Guanyin Plant.
December 2022 About 30% of production capacity has been restored.

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3.Corporate Governance Report

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3.1 Organization
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Finance
Administration
F&A
BA
Purchase
Audit Office
R&D
IT
QA
QC
President
Board of Directors
Shareholders’ Meeting Engineering Maintenance
EN
Safety
Production IPC Utility
PD
EH Warehouse
Audit Committee
Remuneration Committee
PDM
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3.1.2 Introduction to Organizational Functions

President Market Trends and strategy planning.
Setting up company goals and operational directions.
Establishing organizational strategy and goals of different units.
Executing the improvement plan of performance.
Decision-making and management.
Audit Office Executing the annual audit plan.
Establishing, amending, and executing the internal control system.
Establishing, amending, and executing the internal audit implementation rules.
IT Office In charge of planning the structure of the Information System and the management
of the related equipment.
Purchasing, Installing, and maintaining information equipment, including software
and hardware.
Maintenance of the Internet structure.
Safety Office Establishing, maintaining, and supervising industrial safety.
Promoting and maintaining OHSAS18001 Management Systems.
Plant Manager In charge of integrating the management and supervision of the Production
Department, Production Management Department, Environmental Protection
Department, and Engineering Department.
Promoting and maintaining GMP, ISO 9001, ISO14001, OHSAS18001
Management Systems.
Tacking the GMP and environmental safety audit affairs with the nationwide and
overseas administrative agencies and customers.
Production capacity planning and construction.
BA Establishing the goals of marketing to ensure the market share and profitability of
the products.
Understanding the current and future needs and expectations of the clients,
including the quality compliance, availability, distribution, customer service,
pricing, responsibilities of the products, impacts on the environment, etc.
Acknowledging the purchasing requirement and specifications timely and
effectively.
Evaluating the vendors and understanding the trend of market prices.

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R&D Enacting the development and progress of the new products projects.
In charge of providing personnel executing the plans, whose task shall include the
evaluation, discussion, and training for every research project.
Providing the necessary technical support with production operations.
Providing the evaluation report on the client commission or the collaboration
projects.
QC In charge of the training and management of the quality control personnel.
Enacting and amending the evaluation methods and producing evaluation reports.
Confirming the calibration of analytical instruments, SOP, and the validation of the
analytical methods.
Confirming the quality control and sampling personnel’s operations and reports.
QA Establishing a quality management system, request all of the personnel to comply
and ensure execution.
Maintaining the quality system and introducing related laws and regulations from
foreign nations.
Reviewing all documents related to quality thoroughly.
Introducing new laws and regulations timely and maintaining the effectiveness of
the existing control registration to ensure the quality system meets the requirements
of cGMP.
Leading and receiving quality control from organizations of laws and regulations or
clients domestically and internationally, as well as performing internal audits and
regular suppliers’ audits.
PD Establishing and enforcing production schedules, monitoring subordinate units to
ensure smooth production, and troubleshooting incidents to fulfill all operation
goals.
Adequately integrate and coordinate the correspondence of the production
department and other units.
Arranging the operations to realize the production plan.
PM Adjusting the production and marketing schedule, as well as establishing the
production order.
Thoroughly acknowledging the quantities of raw materials and final products.
Estimating the shipments with the production and marketing schedule, as well as
enforcing production progression regularly and coordinating the shipment schedule
accordingly.
Planning and executing the safety classification, labeling an0d packaging system of
chemicals.

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EH Enhancing and maintaining the ISO14001 Management System, implementing
related practices in air pollution, water pollution, waste, and toxic chemicals
regularly.
Planning on the operational practice and equipment for air pollution, water pollution,
soil pollution, waste, toxic chemical, and noises, and assisting in solving abnormal
issues in operational practice.
Planning on the record and declaration practices for air pollution, water pollution,
waste, and toxic chemicals, while also coordinating and integrating the internal
declaration practice, confirming the declaration content, and corresponding to the
consequent external audits.
EN Engineering
Planning and executing engineering plans; bargaining, purchasing, out-sourcing of
equipment, while coordinating with other units.
For equipment, computer software, and hardware engineering projects: Enacting the
regulations, bargaining, out-sourcing, supervision, and acceptance.
Ensuring the equipment’s compliance with cGMP.
Verifying the qualification of the outsourcer’s ability.
Maintenance
Arranging, updating, and executing the maintenance and repair plan.
Maintenance and repair of machinery equipment.
Bargaining and supervising the outsourced equipment repairs.
F&A Finance
In charge of accounting, taxation, budgeting, etc, to provide financial information
as references for managerial decision-making.
In charge of fund procurement and corresponding with banks.
Operating and processing the business of bonded factories.
Administration
Managing and planning human resources, establishing and executing the personnel
system.
Tackling daily administrative affairs and other operations, such as maintaining the
tidiness of the plant.

15

Unit: Thousand SharesApril 21,2023 Note

Executives, Directors or
Supervisors who are
spouses or within two
degrees of kinship
Relatio
n
None
None
None		 None
None		 None
None
None

Name
None
None
None		 None
None		 None
None
None

Title
None
None
None		 None
None		 None
None
None
Currently Other
Position
Note 2
Note 3
Note 1		 Director of Yushan
Pharmaceuticals Inc.
Note 1		 Plant manager, SCI
Pharmtech, Inc.
Director of Yushan
Pharmaceuticals Inc.
Chairman, XVAN HE
Technology Inc.
Independent Director
of Mercuries &
Associates Holding,
Ltd.
Specially Appointed
Professor, National
Taiwan Normal
University
Major experience / education PHD of Chemistry, University
of Pennsylvania
ITRI Researcher
President of SCI Pharmtech,
Inc.
MBA, University of
Georgetown
Chairman of Mercuries &
Associates Holding, Ltd.
�		 MBA, University of
Northwestern Polytechnic
McKinsey & Company
Manager
�		 PHD of Chemistry, National
Taiwan University
DCB Researcher
Plant Manager, SCI Pharmtech,
Inc.
MBA, University of Houston
President of President
International Development Corp
PHD of Chemistry, University
of Harvard
Professor/Associate Professor,
National Taiwan Normal
University
Associate Professor, National
Chung Cheng University

Shareholding by
Nominee
Arrangement		 %
None
None
None		 None
None		 None
None
None
Shares
None
None
None		 None
None		 None
None
None
Spouse & Minor
Shareholding		 %
0.04
None
None		 None
None		 0.12
None
None
Shares
36
None
None		 None
None		 110
None
None
Current
Shareholding		 %
0.55
None
31.75		 None
31.75		 0.02
None
None
Shares
527
None
30,283		 None
30,283		 15
None
None
Shareholding
when Elected		 %
0.55
None
31.75		 None
31.75		 0.02
None
None
Shares
527
None
30,283		 None
30,283		 15
None
None
Term
(Years)
3
3		 3 3
3
3
Date
Elected
2022.
06.21
2022.
06.21		 2022.
06.21		 2022.
06.21
2022.
06.21
2022.
06.21
First
Date
Elected
2001.
12.17
2001.
12.17		 2001.
12.17		 2001.
12.17
2013.
06.18
2015.
06.12
Gender
and
Age
M
51-60
M
51-60
F		 51-60 M
51-60
M
61-70
M
51-60
Name
Wei-Chyun Wong
Shiang-Li Chen
Mercuries &
Associates
Holding, Ltd.
Institutional
representative�
Aurora Chen
Mercuries &
Associates
Holding, Ltd.
Institutional
representative�
Wen-Chih Chou
Te-cheng Tu
Chia-Chun Jay
Chen
Nationality
R.O.C
R.O.C		 R.O.C R.O.C

R.O.C

R.O.C
Title
Chairman
Director		 Director Director
Independent
Director
Independent
Director
Note Note 1�Chairman of Mercuries & Associates Ltd., Mercuries General Media Co., Ltd., Mercuries Leisure Co., Ltd., Mercuries Harvest Co., Ltd., Mercury Fu Bao, Mercuries Liquor
& Food, Mercuries Furniture Co., Ltd., Sanyou Drugstores Ltd., Simple Mart Retail Co., Ltd., Mercuries F&B Co., Ltd., Foundation of Chinese Dietary Culture,Foundation
for Taiwan Masters Golf Tournament,�Taoyuan County Private Mercuries & Associates Welfare & Charity Foundation.
Note 2�1. Chairman and President of Yushan Pharmaceuticals Inc.
2. Director of Mercuries & Associates Holding Ltd., Shufeng Investment Co., Ltd., Shuren Investment Co., Ltd., Shurong Co., Ltd., Simple Mart Retail Co., Ltd., Mercuries
F&B Co., Ltd., Mercuries Life Insurance, Foundation for Taiwan Masters Golf Tournament, Shui-Mu Foundation of Chemistry, Kaohsiung City Lixue Education
Foundation, Framosa Co., Ltd., HoneyBear Biosciences, Inc..
3. Director of Criminal Investigation and Prevention Association R.O.C.
Note 3�1. Chairman of Mercuries & Associates Holding, Ltd., Mercuries General Media Co., Ltd., Mercuries Leisure Co., Ltd., Shanghong Investment Co., Ltd., Taoyuan County Private
Mercuries & Associates Welfare & Charity Foundation.
2. Director of SCI Pharmtech, Mercuries & Associates, Mercuries Life Insurance, Mercuries Data Systems, Mercury Fu Bao, Simple Mart Retail Co., Ltd., Shanglin
Investment, Mercuries Liquor & Food, Mercuries F&B Co., Ltd., Simple Mart Plus Co., Ltd., Foundation for Taiwan Masters Golf Tournament, Foundation of
Chinese Dietary Culture ;�Tasty Noodles Co., Ltd.�Family Shoemart Co., Ltd.�Mercuries Foodservice Co., Ltd.�Asiandawn.
3. Director of R.O.C Taiwan Teeball Association, and executive director of the Chinese Slow Pitch Softball Association.
Note 4�The Chairman of the Board of Directors and the President of the company are the same person, the reason, reasonableness, necessity, and the measures adopted in
response to the status are specified as the following : NA
Note 5�Director Wu,Hung-Chinstepped down after re-election on June 21, 2022.
Executives, Directors or
Supervisors who are
spouses or within two
degrees of kinship
Relatio
n
None
None

Name
None
None

Title
None
None
Currently Other
Position

Chairman and
President of
SUNSINO
DEVELOPMENT
ASSOCIATE INC.
Director, President
Securities Investment
Trust Corp.
Adjunct Associate
Professor, National
Taiwan University		 None
Major experience / education Double Major Master's Degree
of Finance and Entrepreneurship
Management, Wharton School
of the University of
Pennsylvania
Director, EASYCARD Corp.
and TAIWAN SUGAR Corp.
Director of TVCA
Bachelor of Chemical
Engineering, National Cheng
Kung University
President of CHENG FONG
Chemical Inc.

Shareholding by
Nominee
Arrangement		 %
None
None
Shares
None
None
Spouse & Minor
Shareholding		 %
0.04
None
Shares
38
None
Current
Shareholding		 %
0.00
None
Shares
6
None
Shareholding
when Elected		 %
0.00
None
Shares
6
None
Term
(Years)
3
3
Date
Elected
2022.
06.21
2019.
06.21
First
Date
Elected
2022.
06.21
2002.
04.09
Gender
and
Age
M
41-50
M
71-80
Name
Vincent Wang
Hung-Chin Wu
(Note 5)
Nationality

R.O.C

R.O.C
Title
Independent
Director
Independent
Director

Major Shareholders of SCI's Institutional Shareholders

April 18, 2023

April 18,2023 April 18,2023
Name of the
institutional shareholders		 Main shareholders of corporate bodies
Name Shareholding
percentage
Mercuries & Associates
Holding, Ltd.		 Shanglin Investment Co., Ltd. 20.49
Shuren Investment Co., Ltd. 14.13
Shanghong Investment Co., Ltd. 6.59
Shufeng Investment Co., Ltd. 5.77
Mercury Fu Bao Co., Ltd. 4.34
Chen, Shiang-Li 2.75
Pension fund management committee of Mercuries &
Associates Holding, Ltd. Representative�Chen, Shiang-Li		 2.26
Wong, Chau-Shi 2.16
Chen, Shiang-Chung 1.95
Chen,Shiang-Feng 1.89

Key members of Main Corporate Shareholders Listed in above Table

March 31, 2023

March 31,2023 March 31,2023
Names of
corporate bodies		 Main shareholders of corporate bodies
Name Shareholding
percentage
Shanglin Investment Co.,
Ltd.		 Chen, Shiang-Li 31.41
Chen, Shiang-Chieh 17.67
Chen, Shiang-Feng 17.67
Hsu, Chang-Hui 6.37
Chen, Shiang-Chung 13.54
ShanghongInvestment Co.,Ltd. 8.21
Wang,Te-Pin 5.13
Shuren Investment Co.,
Ltd.		 Wong, Wei-Chyun 27.89
Wong,Tsui-Chun 24.70
Wong,I-Hsuan 17.55
Shufeng Investment Co., Ltd. 15.39
Wong, Chau-Shi 14.39
Yang, Chun-Hui 0.06
Yang, Hsueh-Hui 0.02
Shufeng Investment Co.,
Ltd.		 Shuren Investment Co., Ltd. 67.95
Wong,Chau-Shi 14.62
Wong, Wei-Chyun 8.20
Wong, Tsui-Chun 8.20
Yang, Chun-Hui 0.46
Yang,Hsueh-Hui 0.26
Wong, I-Hsuan 0.26
Chen, Shiang-Feng 0.05
Shanghong Investment
Co., Ltd		 Chen, Shiang-Li 21.74
Shanglin Investment Co.,Ltd. 32.61
Chen, Shiang-Chieh 13.48
Chen, Shiang-Feng 13.48
Chen, Shiang-Chung 9.56
Hsu, Chang-Hui 5.22
Wang,Te-Pin 3.91

18

Information Regarding Directors �����

�� Professional qualifications and independence analysis of directors
Criteria

Name		 Professional Qualification,
and Work Experience		 Independence Criteria Number of
Other Public
Companies in
Which the
Individual is
Concurrently
Serving as an
Independent
Director
Chairman
Wei-Chyun Wong		 Mr. Wei-Chyun Wong holds a Ph.D.
degree in Chemistry from the University
of Pennsylvania. He had served as a
researcher at the Industrial Technology
Research Institute, as well as the vice
president and president of the company.
He has decades of experience in industry,
leadership, decision-making, operational
management, finance, accounting, and
other fields. He is currently serving as the
Chairman of the company.
Mr. Wei-Chyun Wong has not conducted
any actions specified in any subparagraph
of Article 30 of the Company Act.











1. His spouse and relatives within the second
degree of kinship are not serving as the
Director, supervisor, or employee of the
company or its affiliate companies.
2. Holding 847,926 shares of the company by
himself, his spouse, or relative within the
second degree of kinship (or by others’
names).
3. Not a provider of commercial, legal, financial,
accounting, or related services to the company
or any affiliates of the company for the past 2
years and has not received compensation for
providing such services.



0
Director
Shiang-Li Chen		 Mr. Shiang-Li Chen holds a Master’s degree
in
Business
Administration
from
Georgetown University, USA. He is the
leader of the Mercuries & Associates
Group, currently serving as the chairman of
the Mercuries & Associates Holding, Ltd.,
and as the Director of several public listed
companies. He has decades of experience in
industry,
leadership,
decision-making,
finance, accounting, and other fields.
Mr. Shiang-Li Chen has not conducted any
actions specified in any subparagraph of
Article 30 of the Company Act.










1. His spouse and relatives within the second
degree of kinship are not serving as the
Director, supervisor, or employee of the
company or its affiliate companies.
2. Himself, his spouse, relatives within the
second degree of kinship (or by others’ names)
are not the shareholder of the company.
3. Not a provider of commercial, legal, financial,
accounting, or related services to the company
or any affiliates of the company for the past 2
years and has not received compensation for
providing such services.







0
Director
Mercuries & Associates
Holding, Ltd.
Institutional
representative�
Aurora Chen
Ms. Aurora Chen holds a Master’s degree in
Business Administration. She had served as
the Manager of Mckinsey & Company. She
has decades of experience in leadership,
decision-making, finance, accounting, and
other fields. She is currently serving as the
Director of Yushan Pharmaceuticals, Inc.
Ms. Aurora Chen has not conducted any
actions specified in any subparagraph of
Article 30 of the Company Act.







1. His spouse and relatives within the second
degree of kinship are not serving as the Director,
supervisor, or employee of the company or its
affiliate companies.
2. Himself, his spouse, relatives within the second
degree of kinship (or by others’ names) are
not the shareholder of the company.
3. Not serving as the Director, supervisor, or
employee of a company having a certain
relationship with the company.
4. Not a provider of commercial, legal, financial,
accounting, or related services to the company
or any affiliates of the company for the past 2
years and has not received compensation for
providing such services.






0

19

Criteria

Name		 Professional Qualification,
and Work Experience		 Independence Criteria Number of
Other Public
Companies in
Which the
Individual is
Concurrently
Serving as an
Independent
Director
Director
Mercuries & Associates
Holding, Ltd.
Institutional
representative�
Wen-Chih Chou
Mr. Wen-Chih Chou holds a Ph.D. degree
in Chemistry from National Taiwan
University and has worked as a researcher
at Development Centre for Biotechnology,
as well as the company’s R&D Manager and
Production Manager. He has decades of
experience in industry, leadership, decision-
making, operational management, and other
fields. He is currently serving as the Plant
M a n a g e r o f t h e c o m p a n y .
Mr. Wen-Chih Chou has not conducted any
actions specified in any subparagraph of
Article 30 of the Company Act.









1. His spouse and relatives within the second
degree of kinship are not serving as the Director,
supervisor, or employee of the company or its
a f f i l i a t e c o m p a n i e s .
2. Holding 135,331 shares of the company by
himself, his spouse, or relative within the
second degree of kinship (or by others’ names).
3. Not serving as the Director, supervisor, or
employee of a company having a certain
relationship with the company.
4. Not a provider of commercial, legal, financial,
accounting, or related services to the company
or any affiliates of the company for the past 2
years and has not received compensation for
providing such services.









0
Independent Director
Te-cheng Tu		 Mr. Te-cheng Tu holds a Master’s degree in
Business Administration from Houston
University, USA. He has served as the
President of President International
Development Corp. He has decades of
experience in leadership, decision-making,
operational management, finance,
accounting, and other fields. He is currently
serving as the chairman of Xuan He
Technology Co., PharmaEngine, Inc.,
Director of Coretronic Corporation,
D i r e c t o r o f S o - C a y e n n e M o b i l e
Entertainment Co., Ltd., and Independent
Director of Mercuries & Associates
Holding, Ltd.
Mr. Te-cheng Tu has not conducted any
actions specified in any subparagraph of
Article 30 of the Company Act.














1. Mr. Te-cheng Tu concurrently served as the
Independent director of the parent and its
subsidiary in accordance with the law.
2. His spouse and relatives within the second
degree of kinship are not serving as the
Director, supervisor, or employee of the
company or its affiliate companies.
3. Himself, his spouse,and relatives within the
second degree of kinship (or by others’ names)
are not the shareholder of the company.
4. Not a provider of commercial, legal, financial,
accounting, or related services to the company
or any affiliates of the company for the past 2
years and has not received compensation for
providing such services.










1
Independent Director
Chia-Chun Jay Chen		 Mr. Chia-Chun Jay Chen holds a Ph.D. in
Chemistry from Harvard University, USA,
and is a professional in research of physical
chemistry and materials chemistry. He is
currently serving as Distinguished
Professor at National Taiwan Normal
University and has been teaching at NTNU
for more than 20 years. He was awarded the
Best Research Paper Award of the Year for
Researchers in Institute of Atomic and
Molecular Sciences, Academia Sinica, Y. Z.
Hsu Scientific Paper Award, etc.
Mr. Chia-Chun Jay Chen has not conducted
any actions specified in any subparagraph
of Article 30 of the Company Act.











1. His spouse and relatives within the second
degree of kinship are not serving as the
Director, supervisor, or employee of the
company or its affiliate companies.
2. Himself, his spouse, relatives within the
second degree of kinship (or by others’ names)
are not the shareholder of the company.
3. Not serving as the Director, supervisor, or
employee of a company having a certain
relationship with the company.
4. Not a provider of commercial, legal, financial,
accounting, or related services to the company
or any affiliates of the company for the past 2
years and has not received compensation for
providing such services.






0

20

Criteria

Name		 Professional Qualification,
and Work Experience		 Independence Criteria Number of
Other Public
Companies in
Which the
Individual is
Concurrently
Serving as an
Independent
Director
Independent Director
Hung-Chin Wu
(step down)		 Mr.
Hung-Chin Wu
graduated from
National Cheng Kung University, Taiwan
with a bachelor’s degree in Chemical
Engineering and was the General Manager
of the Cheng Fong Chemical Co., Ltd. He
has decades of experience in leadership,
decision-making, industry, and other fields.
Mr. Hung-Chin Wu has not conducted any
actions specified in any subparagraph of
Article 30 of the Company Act.







1. His spouse and relatives within the second
degree of kinship are not serving as the
Director, supervisor, or employee of the
company or its affiliate companies.
2. Himself, his spouse, relatives within the
second degree of kinship (or by others’ names)
are not the shareholder of the company.
3. Not serving as the Director, supervisor, or
employee of a company having a certain
relationship with the company.
4. Not a provider of commercial, legal, financial,
accounting, or related services to the company
or any affiliates of the company for the past 2
years and had not received compensation for
providing such services.






0
Independent Director
Vincent Wang
(newly elected)		 Mr. Wang, Vincent hold double master's
degree in finance and entrepreneurial
management from the Wharton School of
the University of Pennsylvania, and served
as a director of Easycard Corp. and a
director of Taiwan Sugar Corp. , director of
TVCA, currently serves as the chairman and
president
of
Sunsino
Development
Associate Inc., director of President
Securities Investment Trust Corp. and an
associate professor at National Taiwan
University.
He has decades of exp erience in
leadership, decision-making, operational
management, finance, accounting, and
other fields.
Mr. Wang, Vincent was selected as the 52nd
Top Ten Outstanding Youth.
Mr. Wang, Vincent has not conducted any
actions specified in any subparagraph of
Article 30 of the Company Act.














1. His spouse and relatives within the second
degree of kinship are not serving as the
Director, supervisor, or employee of the
company or its affiliate companies.
2. Himself, his spouse, relatives within the
second degree of kinship (or by others’ names)
are holdind 44,200 shares of SCI.
3. Not serving as the Director, supervisor, or
employee of a company having a certain
relationship with the company.
4. Not a provider of commercial, legal, financial,
accounting, or related services to the company
or any affiliates of the company for the past 2
years and had not received compensation for
providing such services.






0

21

B. The diversification policy of the Board of Directors membership :

Directors Gender Age range Business
Management		 Leadership Industrial
Knowledge		 Financial and
Accounting
Wei-Chyun Wong M 51-60 � � � �
Shiang-Li Chen M 51-60 � � �
Aurora Chen F 51-60 � � �
Wen-Chih Chou M 51-60 � � �
Te-cheng Tu M 61-70 � � �
Chia-Chun Jay Chen M 51-60 �
Vincent Wang
(newlyelected)		 M 41-50 � � �
Hung-Chin Wu
(stepdown)		 M 71-80 � � �

  • Note1 : The company is a pharmaceutical company, and the professional diversity goal in the composition

  • of the Board of Directors is targeted at more than one-third of the members as professionals in management, chemistry, and chemical engineering. The company’s Board of Directors is currently composed of 7 Directors, 2 of them are the legal representatives of the parent Mercuries & Associates Holding, Ltd. 2 of them are professionals in finance, accounting, and operational management, another 2 of them are chemistry professionals. As for the 3 Independent Directors, one of them is a professional in chemistry and chemical engineering which is required for the company’s nature of business, and the other 2 are professionals in finance and accounting in accordance with the law. The composition of the Board of Directors meets the diversity goal stated above.

  • Note2 : The proportion of Directors who are employees is 14.3%; the proportion of Independent Directors is 42.9%; the proportion of female Directors is 14.3%; as for the term of office of Independent Directors, 2 of them served between 1 ~ 3 terms and 1 of them served more than 3 terms.

  • Note3 : The company emphasizes gender equality in the composition of its Board of Directors, and the goal is to have more than 25% (included) of female Directors. The company is planning to add one female Director to the Board of Directors in the next term to achieve the target.

Note4: Available on : SCI’s website : www.sci-pharmtech.com.tw

  • C. The Independence Criteria of the Board of Directors membership :

  • The 3 Independent Directors take up a ratio of 42.9%. No Director is a spouse or relative within the second degree kinship of the other Directors.

22

April 21,2023 Note Note 2 23
Managers who are spouses
or within two degrees of
kinship		 Relation
None
None
None
None
None
None
None
None
None
None
None
Name
None
None
None
None
None
None
None
None
None
None
None
Title
None
None
None
None
None
None
None
None
None
None
None
Currently Other
Position		 Note 1
Director of Yushan
Pharmaceuticals Inc.

None

None

None

None

None

None

None

Supervisor of Yushan
Pharmaceuticals Inc.,
Framosa Co., Ltd.,
HoneyBear
Biosciences, Inc..

None
Major experience / education PHD of Chemistry, University of
Pennsylvania
ITRI Researcher
SCI Pharmtech Inc., General Manager
PHD of Chemistry, National Taiwan
University
DCB Researcher
SCI Pharmtech Inc., R&D Manager
BS in Agricultural Chemistry, National
Taiwan University
ITRI Deputy Manager
MS in Chemistry, National Tsing Hua
University
ITRI Researcher
SCI Pharmtech Inc., R&D Manager
MS in Chemistry, National Tsing Hua
University
ITRI Researcher
R&D Deputy Manager
MS in Chemical Engineering, National Tsing
Hua University
SCI Pharmtech, Inc., PD Manager
BS in Chemical Engineering, National
Taiwan Institute of Technology
Indonesia Yingli Co., Ltd. Engineer
MS in Chemical Engineering, National
Cheng Kung University
SCI Pharmtech, Inc., EN Director
MS in Chemistry, National Cheng Kung
University
Taiwan Biotech Co., Ltd. Deputy
Manager
MS in Accounting, Tamkang University
Certified Public Accountant
Mercuries & Associates Holding, Ltd.
Finance Manager
MS in Chemical Engineering, National Tsing
Hua University
ITRI Researcher
SCI Pharmtech Inc., BA Deputy Manager
Shareholding
by Nominee
Arrangement		 %
None
None
None
None
None
None
None
None
None
None
None
Shares
None
None
None
None
None
None
None
None
None
None
None
Spouse & Minor
Shareholding		 %
0.04%
0.12%
0.00%
0.00%
None
None
None
None
None
None
None
Shares
35,767
110,000
None
3,890
None
None
None
None
None
None
None
Shareholding %
0.55%
0.02%
0.00%
0.06%
0.00%
0.01%
NA
0.00%
0.00%
0.01%
0.15%
Shares
526,970
15,331
1,970
53,776
1,200
8,746
NA
50
2,413
970
144,532
Date
Effective		 2004.06.16
2010.09.01
1998.12.01
2015.07.01
2015.07.01
2002.01.01
2000.09.01
2022.03.01
2002.12.16
2003.01.01
2009.05.01
Gender M
M
F
M
M
M
M
M
M
M
F
Name Wei-Chyun
Wong
Wen-Chih Chou
Michele Seah
Jinun Ban Yeh
Wei-Song Yin
Ricky Liu
Oliver Liu
(Note 3)
Chung-Lung Su
(Note 3)
Vincent Chiang
Deiter Yang
Nancy Lee
Nationality R.O.C
R.O.C
R.O.C
R.O.C
R.O.C
R.O.C
R.O.C
R.O.C
R.O.C
R.O.C
R.O.C
Title Chairman
President
BA Vice
President
R&D Vice
President
R&D
Manager
PDM/EH
Manager
EN
Manager
EN
Manager
QA
Manager
F&D
Manager /
Spokesman /
CG Officer
BA
Manager
April 27, 2022 Note
Mamagers who are spouses or
within two degrees of kinship		 Relation
None
Name
None
Title
None
Currently Other
Position		 None
Major experience / education Ph. D in Chemistry, National Sun
Yat-Sen University
SCI Pharmtech Inc., QC Deputy
Manager
Shareholding
by Nominee
Arrangement		 %
None
Shares
None
Spouse & Minor
Shareholding		 %
None
Shares
None
Shareholding %
0.00%
Shares
1,650
Date
Effective		 2017.10.13
Gender M
Name Bo-Fong Chen
Nationality R.O.C
Title QC
Manager
3.2.3 Remuneration paid out to directors, president, and vice presidents
(1)Remuneration to Directors and Independent Directors
Unit: NT$ / Thousand Shares		 Summation of A�B�C�
D, and a % of After Tax
Income		 Summation of A�B�C�
D, and a % of After Tax
Income		 All companies
listed in this
Financial
Report
2,000,000
0.65%
330,000
0.11%
700,000
0.23%
None
180,000
0.06%
760,000
0.25%
810,000
0.26%
580,000
0.19%
SCI
2,000,000
0.65%
330,000
0.11%
700,000
0.23%
None
180,000
0.06%
760,000
0.25%
810,000
0.26%
580,000
0.19%
Director’s remuneration Business execution fees (D) All companies
listed in this
Financial
Report
None
None
360,000
None
180,000
360,000
360,000
180,000
SCI
None
None
360,000
None
180,000
360,000
360,000
180,000
Director’s Remuneration (C) All companies
listed in this
Financial
Report
2,000,000
330,000
340,000
None
(Note)
None
400,000
450,000
400,000
SCI
2,000,000
330,000
340,000
None
(Note)
None
400,000
450,000
400,000
Retirement pension(B) All companies
listed in this
Financial
Report
None
None
None
None
None
None
None
None
SCI
None
None
None
None
None
None
None
None
Remuneration (A) All companies
listed in this
Financial
Report
None
None
None
None
None
None
None
None
SCI
None
None
None
None
None
None
None
None
Name
Wei-Chyun Wong
Shiang-Li Chen
Mercuries & Associates
Holding, Ltd.
Institutional representative�
Aurora Chen
Mercuries & Associates
Holding, Ltd.
Institutional representative�
Wen-Chih Chou
Hung-Chin Wu
(step down)
Te-cheng Tu
Chia-Chun Jay Chen
Vincent Wang
(newly elected)
Title
Chairman
Director
Director
Director
Independent
Director
Independent
Director
Independent
Director
Independent
Director
Receives
remuneration
from other		 Receives
remuneration
from other		 non-subsidiary
companies that the
Company has
invested in or
parent company
9,790,000
None
80,000
None
None		 non-subsidiary
companies that the
Company has
invested in or
parent company
9,790,000
None
80,000
None
None		 26
Summation of A�B�C�
D�E�F�G, and a % of
After Tax Income		 All
companies
listed in
this
Financial
Report
7,495,791
2.43%
330,000
0.11%
700,000
0.23%
5,623,386
1.82%
180,000
0.06%
300,000
0.54%
330,000
0.59%
330,000
0.59%
SCI
7,495,791
2.43%
330,000
0.11%
700,000
0.23%
5,623,386
1.82%
180,000
0.06%
300,000
0.54%
330,000
0.59%
330,000
0.59%
Remunerationto Directors Also Serving as Company Employees Employee remuneration (G) All companies listed in this
Financial Report
Stock
Bonuse
None
None
None
1,144,000
None
None
None
None

Cash
Bonuse
None
None
None
286,000
None
None
None
None
SCI Stock
Bonuse
None
None
None
1,144,000
None
None
None
None
Cash
Bonuse
None
None
None
286,000
None
None
None
None
Retirement pension (F) All
companies
listed in
this
Financial
Report
None
None
None
108,000
None
None
None
None
SCI
None
None
None
108,000
None
None
None
None
Salary, Bonuses, and
Special Allowance (E)		 All
companies
listed in
this
Financial
Report
5,495,791
None
None
4,085,386
None
None
None
None
SCI
5,495,791
None
None
4,085,386
None
None
None
None
Name
Wei-Chyun Wong
Shiang-Li Chen
Mercuries & Associates
Holding, Ltd.
Institutional
representative�
Aurora Chen
Mercuries & Associates
Holding, Ltd.
Institutional
representative�
Wen-Chih Chou
Hung-Chin Wu
(step down)
Te-cheng Tu
Chia-Chun Jay Chen
Vincent Wang
(newly elected)
Title
Chairman
Director
Director
Director
Independent
Director
Independent
Director
Independent
Director
Independent
Director
Name of director Total of the first 7 items (A+B+C+D+E+F+G) Parent company and
all invested enterprise		 Aurora Chen ( Director)
Hung-Chin Wu
(Independent Director)
Chia-Chun Jay Chen
(Independent Director)
Vincent Wang
(Independent Director)		 Te-cheng Tu
(Independent Director)
None		 None Wei-Chyun Wong
(Director)
Wen-Chih Chou
(Director)
Shiang-Li Chen
(Director)		 None None None None None 8
SCI Aurora Chen ( Director)
Shiang-Li Chen
(Director)
Hung-Chin Wu
(Independent Director)
Te-cheng Tu
(Independent Director)
Chia-Chun Jay Chen
(Independent Director)
Vincent Wang
(Independent Director)		 None None None Wei-Chyun Wong
(Director)
Wen-Chih Chou
(Director)		 None None None None None 8
Total of the first 4 items (A+B+C+D) All companies listed in this
Financial Report		 Aurora Chen ( Director)
Shiang-Li Chen
(Director)
Hung-Chin Wu
(Independent Director)
Te-cheng Tu
(Independent Director)
Chia-Chun Jay Chen
(Independent Director)
Vincent Wang
(Independent Director)
None		 Wei-Chyun Wong
(Director)		 None None None None None None None 7
SCI Aurora Chen ( Director)
Shiang-Li Chen
(Director)
Hung-Chin Wu
(Independent Director)
Te-cheng Tu
(Independent Director)
Chia-Chun Jay Chen
(Independent Director)
Vincent Wang
(Independent Director)
None		 Wei-Chyun Wong
(Director)		 None None None None None None None 7
Each remuneration range of the Company Less than NT$ 1,000,000 NT$1,000,000 (included) ~ NT$2,000,000 (not included) NT$2,000,000 (included) ~ NT$3,500,000 (not included) NT$3,500,000 (included) ~ NT$5,000,000 (not included) NT$5,000,000 (included) ~ NT$10,000,000 (not included) NT$10,000,000 (included) ~ NT$15,000,000 (not included) NT$15,000,000 (included) ~ NT$30,000,000 (not included) NT$30,000,000 (included) ~ NT$50,000,000 (not included) NT$50,000,000 (included) ~ NT$100,000,000 (not included) Over NT$100,000,000 Total
Unit: NT$ / Thousand Shares Receives
remunerati
on from
other
non-
subsidiary
companies
that the
Company
has
invested in
or parent
company
268,000
330,000
None
None		 Receives
remunerati
on from
other
non-
subsidiary
companies
that the
Company
has
invested in
or parent
company
268,000
330,000
None
None		 Receives
remunerati
on from
other
non-
subsidiary
companies
that the
Company
has
invested in
or parent
company
268,000
330,000
None
None		 Note1 : The Vice President of the company, Michele Seah, is applied to the old pension system, therefore the pension is not yet been paid.
Note2 : Under the new pension system, NT$108,000 is allocated to President Wen-Chih Chou and Vice President Jinun Ban Yeh respectively.
Note3 : The company provided a vehicle for each of the Chairman, President and 2 Vice Presidents, the total rental fee is NT$1,557,411 with NT$137,065 of petrol fees.
Note4 : Plant manager Chou, Wen-Chih was promoted to president on June 29, 2022.
New restricted
employee shares
acquired		 All
companies
listed in
this
Financial
Report
None
None
None
None
SCI
None
None
None
None
Amount of
employee
stock warrant
acquired		 All
companies
listed in
this
Financial
Report
None
None
None
None
SCI
None
None
None
None
Summation of A�
B�C�D, and a %
of After Tax Income		 All companies
listed in
this
Financial
Report
5,495,791
1.78%
5,623,386
1.82%
4,891,978
1.58%
4,592,308
1.49%
SCI
5,495,791
1.78%
5,623,386
1.82%
4,891,978
1.58%
4,592,308
1.49%
Employee’s remuneration
(D)		 All companies listed in
this Financial Report		 Stock
Bonuse
0
1,144,000
947,134
860,876
Cash
Bonuse
0
286,000
236,783
215,219
SCI Stock
Bonuse
0
1,144,000
947,134
860,876
Cash
Bonuse
0
286,000
236,783
215,219
Bonuses and
special
expenses (C)
�Note 3�		 All
companie
s listed in
this
Financial
Report
2,682,991
1,822,798
1,577,839
1,472,307
SCI
2,682,991
1,822,798
1,577,839
1,472,307
Retirement
pension (B)		 All
companie
s listed in
this
Financial
Report
0
108,000
0
108,000
SCI
0
108,000
0
108,000
Salary (A) All
companie
s listed in
this
Financial
Report
2,812,800
2,262,588
2,130,222
1,935,906
SCI
2,812,800
2,262,588
2,130,222
1,935,906
Name
Wei-Chyun
Wong
Wen-Chih
Chou
Michele
Seah
Jinun Ban
Yeh
Title
President
President
BA Vice
President
R&D
Vice
President
Name of president and vice presidents Parent company and
all invested enterprise		 None None None Michele Seah (Vice President)
Jinun Ban Yeh (Vice President)		 Wei-Chyun Wong (President)
Wen-Chih Chou (President)
None		 None None None None 4
SCI None None None Michele Seah (Vice President)
Jinun Ban Yeh (Vice President)		 Wei-Chyun Wong (President)
Wen-Chih Chou (President)
None		 None None None None 4
Remuneration range for president and vice presidents
in the Company		 Less than NT$ 1,000,000 NT$1,000,000 (included) ~ NT$2,000,000 (not included) NT$2,000,000 (included) ~ NT$3,500,000 (not included) NT$3,500,000 (included) ~ NT$5,000,000 (not included) NT$5,000,000 (included) ~ NT$10,000,000 (not included) NT$10,000,000 (included) ~ NT$15,000,000 (not included) NT$15,000,000 (included) ~ NT$30,000,000 (not included) NT$30,000,000 (included) ~ NT$50,000,000 (not included) NT$50,000,000 (included) ~ NT$100,000,000 (not included) Over NT$100,000,000 Total
(3) Names of managerial officers provided with employee's remuneration and state of payments
May 13,2023 Unit: NT$ / Shares
Title
Name
Bonus in Stock
Bonus in Cash
Total
Total payment as a
proportion of net income
(%)
Value of
share
Actual
price
Value of
cash
Value of
cash
Managerial
officers
President
Wei-Chyun Wong
0
0
6,625,756
1,656,439
8,282,195
2.68%
President(new)
Wen-Chih Chou
BA Vice President
Michele Seah
R&D Vice President Jinun Ban Yeh
R&D Manager
Wei-Song Yin
PDM/EH Manager
Ricky Liu
QA Manager
Vincent Chiang
F&D Manager
Deiter Yang
BA Manager
Nancy Lee
QC Manager
Bo-Fong Chen
EN Manager
Chung-Lung Su
3.2.4 Compare and analyze the total remuneration paid to each of the company's directors, president, and vice presidents in the 2 most recent fiscal years
by all companies listed in the company's individual and consolidated financial statement as a percentage of net income and describe the policies,
standards, and packages for payment of remuneration, the procedures for determining remuneration, and its linkage to business performance and
future risk exposure.
1. The ratio of total remuneration paid by the company, and by all companies included in the consolidated financial statements for the two most
recent fiscal years to directors, presidents and vice presidents of the company, to the net income.
Title
Name
Bonus in Stock
Bonus in Cash
Total
Total payment as a
proportion of net income
(%)
Value of
share
Actual
price
Value of
cash
Value of
cash
Managerial
officers
President
Wei-Chyun Wong
0
0
6,625,756
1,656,439
8,282,195
2.68%
President(new)
Wen-Chih Chou
BA Vice President
Michele Seah
R&D Vice President Jinun Ban Yeh
R&D Manager
Wei-Song Yin
PDM/EH Manager
Ricky Liu
QA Manager
Vincent Chiang
F&D Manager
Deiter Yang
BA Manager
Nancy Lee
QC Manager
Bo-Fong Chen
EN Manager
Chung-Lung Su
3.2.4 Compare and analyze the total remuneration paid to each of the company's directors, president, and vice presidents in the 2 most recent fiscal years
by all companies listed in the company's individual and consolidated financial statement as a percentage of net income and describe the policies,
standards, and packages for payment of remuneration, the procedures for determining remuneration, and its linkage to business performance and
future risk exposure.
1. The ratio of total remuneration paid by the company, and by all companies included in the consolidated financial statements for the two most
recent fiscal years to directors, presidents and vice presidents of the company, to the net income.
Title
Name
Bonus in Stock
Bonus in Cash
Total
Total payment as a
proportion of net income
(%)
Value of
share
Actual
price
Value of
cash
Value of
cash
Managerial
officers
President
Wei-Chyun Wong
0
0
6,625,756
1,656,439
8,282,195
2.68%
President(new)
Wen-Chih Chou
BA Vice President
Michele Seah
R&D Vice President Jinun Ban Yeh
R&D Manager
Wei-Song Yin
PDM/EH Manager
Ricky Liu
QA Manager
Vincent Chiang
F&D Manager
Deiter Yang
BA Manager
Nancy Lee
QC Manager
Bo-Fong Chen
EN Manager
Chung-Lung Su
3.2.4 Compare and analyze the total remuneration paid to each of the company's directors, president, and vice presidents in the 2 most recent fiscal years
by all companies listed in the company's individual and consolidated financial statement as a percentage of net income and describe the policies,
standards, and packages for payment of remuneration, the procedures for determining remuneration, and its linkage to business performance and
future risk exposure.
1. The ratio of total remuneration paid by the company, and by all companies included in the consolidated financial statements for the two most
recent fiscal years to directors, presidents and vice presidents of the company, to the net income.
Title
Name
Bonus in Stock
Bonus in Cash
Total
Total payment as a
proportion of net income
(%)
Value of
share
Actual
price
Value of
cash
Value of
cash
Managerial
officers
President
Wei-Chyun Wong
0
0
6,625,756
1,656,439
8,282,195
2.68%
President(new)
Wen-Chih Chou
BA Vice President
Michele Seah
R&D Vice President Jinun Ban Yeh
R&D Manager
Wei-Song Yin
PDM/EH Manager
Ricky Liu
QA Manager
Vincent Chiang
F&D Manager
Deiter Yang
BA Manager
Nancy Lee
QC Manager
Bo-Fong Chen
EN Manager
Chung-Lung Su
3.2.4 Compare and analyze the total remuneration paid to each of the company's directors, president, and vice presidents in the 2 most recent fiscal years
by all companies listed in the company's individual and consolidated financial statement as a percentage of net income and describe the policies,
standards, and packages for payment of remuneration, the procedures for determining remuneration, and its linkage to business performance and
future risk exposure.
1. The ratio of total remuneration paid by the company, and by all companies included in the consolidated financial statements for the two most
recent fiscal years to directors, presidents and vice presidents of the company, to the net income.
Title
Name
Bonus in Stock
Bonus in Cash
Total
Total payment as a
proportion of net income
(%)
Value of
share
Actual
price
Value of
cash
Value of
cash
Managerial
officers
President
Wei-Chyun Wong
0
0
6,625,756
1,656,439
8,282,195
2.68%
President(new)
Wen-Chih Chou
BA Vice President
Michele Seah
R&D Vice President Jinun Ban Yeh
R&D Manager
Wei-Song Yin
PDM/EH Manager
Ricky Liu
QA Manager
Vincent Chiang
F&D Manager
Deiter Yang
BA Manager
Nancy Lee
QC Manager
Bo-Fong Chen
EN Manager
Chung-Lung Su
3.2.4 Compare and analyze the total remuneration paid to each of the company's directors, president, and vice presidents in the 2 most recent fiscal years
by all companies listed in the company's individual and consolidated financial statement as a percentage of net income and describe the policies,
standards, and packages for payment of remuneration, the procedures for determining remuneration, and its linkage to business performance and
future risk exposure.
1. The ratio of total remuneration paid by the company, and by all companies included in the consolidated financial statements for the two most
recent fiscal years to directors, presidents and vice presidents of the company, to the net income.
Title
Name
Bonus in Stock
Bonus in Cash
Total
Total payment as a
proportion of net income
(%)
Value of
share
Actual
price
Value of
cash
Value of
cash
Managerial
officers
President
Wei-Chyun Wong
0
0
6,625,756
1,656,439
8,282,195
2.68%
President(new)
Wen-Chih Chou
BA Vice President
Michele Seah
R&D Vice President Jinun Ban Yeh
R&D Manager
Wei-Song Yin
PDM/EH Manager
Ricky Liu
QA Manager
Vincent Chiang
F&D Manager
Deiter Yang
BA Manager
Nancy Lee
QC Manager
Bo-Fong Chen
EN Manager
Chung-Lung Su
3.2.4 Compare and analyze the total remuneration paid to each of the company's directors, president, and vice presidents in the 2 most recent fiscal years
by all companies listed in the company's individual and consolidated financial statement as a percentage of net income and describe the policies,
standards, and packages for payment of remuneration, the procedures for determining remuneration, and its linkage to business performance and
future risk exposure.
1. The ratio of total remuneration paid by the company, and by all companies included in the consolidated financial statements for the two most
recent fiscal years to directors, presidents and vice presidents of the company, to the net income.
Title
Name
Bonus in Stock
Bonus in Cash
Total
Total payment as a
proportion of net income
(%)
Value of
share
Actual
price
Value of
cash
Value of
cash
Managerial
officers
President
Wei-Chyun Wong
0
0
6,625,756
1,656,439
8,282,195
2.68%
President(new)
Wen-Chih Chou
BA Vice President
Michele Seah
R&D Vice President Jinun Ban Yeh
R&D Manager
Wei-Song Yin
PDM/EH Manager
Ricky Liu
QA Manager
Vincent Chiang
F&D Manager
Deiter Yang
BA Manager
Nancy Lee
QC Manager
Bo-Fong Chen
EN Manager
Chung-Lung Su
3.2.4 Compare and analyze the total remuneration paid to each of the company's directors, president, and vice presidents in the 2 most recent fiscal years
by all companies listed in the company's individual and consolidated financial statement as a percentage of net income and describe the policies,
standards, and packages for payment of remuneration, the procedures for determining remuneration, and its linkage to business performance and
future risk exposure.
1. The ratio of total remuneration paid by the company, and by all companies included in the consolidated financial statements for the two most
recent fiscal years to directors, presidents and vice presidents of the company, to the net income.
Title
Name
Bonus in Stock
Bonus in Cash
Total
Total payment as a
proportion of net income
(%)
Value of
share
Actual
price
Value of
cash
Value of
cash
Managerial
officers
President
Wei-Chyun Wong
0
0
6,625,756
1,656,439
8,282,195
2.68%
President(new)
Wen-Chih Chou
BA Vice President
Michele Seah
R&D Vice President Jinun Ban Yeh
R&D Manager
Wei-Song Yin
PDM/EH Manager
Ricky Liu
QA Manager
Vincent Chiang
F&D Manager
Deiter Yang
BA Manager
Nancy Lee
QC Manager
Bo-Fong Chen
EN Manager
Chung-Lung Su
3.2.4 Compare and analyze the total remuneration paid to each of the company's directors, president, and vice presidents in the 2 most recent fiscal years
by all companies listed in the company's individual and consolidated financial statement as a percentage of net income and describe the policies,
standards, and packages for payment of remuneration, the procedures for determining remuneration, and its linkage to business performance and
future risk exposure.
1. The ratio of total remuneration paid by the company, and by all companies included in the consolidated financial statements for the two most
recent fiscal years to directors, presidents and vice presidents of the company, to the net income.
Title
Name
Bonus in Stock
Bonus in Cash
Total
Total payment as a
proportion of net income
(%)
Value of
share
Actual
price
Value of
cash
Value of
cash
Managerial
officers
President
Wei-Chyun Wong
0
0
6,625,756
1,656,439
8,282,195
2.68%
President(new)
Wen-Chih Chou
BA Vice President
Michele Seah
R&D Vice President Jinun Ban Yeh
R&D Manager
Wei-Song Yin
PDM/EH Manager
Ricky Liu
QA Manager
Vincent Chiang
F&D Manager
Deiter Yang
BA Manager
Nancy Lee
QC Manager
Bo-Fong Chen
EN Manager
Chung-Lung Su
3.2.4 Compare and analyze the total remuneration paid to each of the company's directors, president, and vice presidents in the 2 most recent fiscal years
by all companies listed in the company's individual and consolidated financial statement as a percentage of net income and describe the policies,
standards, and packages for payment of remuneration, the procedures for determining remuneration, and its linkage to business performance and
future risk exposure.
1. The ratio of total remuneration paid by the company, and by all companies included in the consolidated financial statements for the two most
recent fiscal years to directors, presidents and vice presidents of the company, to the net income.
Title
Name
Bonus in Stock
Bonus in Cash
Total
Total payment as a
proportion of net income
(%)
Value of
share
Actual
price
Value of
cash
Value of
cash
Managerial
officers
President
Wei-Chyun Wong
0
0
6,625,756
1,656,439
8,282,195
2.68%
President(new)
Wen-Chih Chou
BA Vice President
Michele Seah
R&D Vice President Jinun Ban Yeh
R&D Manager
Wei-Song Yin
PDM/EH Manager
Ricky Liu
QA Manager
Vincent Chiang
F&D Manager
Deiter Yang
BA Manager
Nancy Lee
QC Manager
Bo-Fong Chen
EN Manager
Chung-Lung Su
3.2.4 Compare and analyze the total remuneration paid to each of the company's directors, president, and vice presidents in the 2 most recent fiscal years
by all companies listed in the company's individual and consolidated financial statement as a percentage of net income and describe the policies,
standards, and packages for payment of remuneration, the procedures for determining remuneration, and its linkage to business performance and
future risk exposure.
1. The ratio of total remuneration paid by the company, and by all companies included in the consolidated financial statements for the two most
recent fiscal years to directors, presidents and vice presidents of the company, to the net income.
Title
Name
Bonus in Stock
Bonus in Cash
Total
Total payment as a
proportion of net income
(%)
Value of
share
Actual
price
Value of
cash
Value of
cash
Managerial
officers
President
Wei-Chyun Wong
0
0
6,625,756
1,656,439
8,282,195
2.68%
President(new)
Wen-Chih Chou
BA Vice President
Michele Seah
R&D Vice President Jinun Ban Yeh
R&D Manager
Wei-Song Yin
PDM/EH Manager
Ricky Liu
QA Manager
Vincent Chiang
F&D Manager
Deiter Yang
BA Manager
Nancy Lee
QC Manager
Bo-Fong Chen
EN Manager
Chung-Lung Su
3.2.4 Compare and analyze the total remuneration paid to each of the company's directors, president, and vice presidents in the 2 most recent fiscal years
by all companies listed in the company's individual and consolidated financial statement as a percentage of net income and describe the policies,
standards, and packages for payment of remuneration, the procedures for determining remuneration, and its linkage to business performance and
future risk exposure.
1. The ratio of total remuneration paid by the company, and by all companies included in the consolidated financial statements for the two most
recent fiscal years to directors, presidents and vice presidents of the company, to the net income.
Title
Name
Bonus in Stock
Bonus in Cash
Total
Total payment as a
proportion of net income
(%)
Value of
share
Actual
price
Value of
cash
Value of
cash
Managerial
officers
President
Wei-Chyun Wong
0
0
6,625,756
1,656,439
8,282,195
2.68%
President(new)
Wen-Chih Chou
BA Vice President
Michele Seah
R&D Vice President Jinun Ban Yeh
R&D Manager
Wei-Song Yin
PDM/EH Manager
Ricky Liu
QA Manager
Vincent Chiang
F&D Manager
Deiter Yang
BA Manager
Nancy Lee
QC Manager
Bo-Fong Chen
EN Manager
Chung-Lung Su
3.2.4 Compare and analyze the total remuneration paid to each of the company's directors, president, and vice presidents in the 2 most recent fiscal years
by all companies listed in the company's individual and consolidated financial statement as a percentage of net income and describe the policies,
standards, and packages for payment of remuneration, the procedures for determining remuneration, and its linkage to business performance and
future risk exposure.
1. The ratio of total remuneration paid by the company, and by all companies included in the consolidated financial statements for the two most
recent fiscal years to directors, presidents and vice presidents of the company, to the net income.
Total payment as a
proportion of net income
(%)
2.68%
Total
8,282,195		 Total remuneration as a proportion of net income (%) 2022 All companies listed
in this Financial
Report		 1.38% 6.67%

Bonus in Cash		 Value of
cash
1,656,439		 SCI 1.38% 6.67%
2021 All companies
listed in this
Financial Report
2.87%		 28.32%

Bonus in Stock		 Value of
cash
6,625,756
Actual
price
0
SCI 2.87% 28.32%
Value of
share
0
Title Directors President and Vice Presidents
Name
Wei-Chyun Wong		 Wen-Chih Chou Michele Seah Jinun Ban Yeh Wei-Song Yin Ricky Liu Vincent Chiang Deiter Yang Nancy Lee Bo-Fong Chen Chung-Lung Su
Title
President		 President(new) BA Vice President R&D Vice President R&D Manager PDM/EH Manager QA Manager F&D Manager BA Manager
QC Manager EN Manager
Managerial
officers

  1. Remuneration policies, standards and packages, procedures for determining remuneration and the correlation with operating performance and future risk exposure :

  2. A. The policy, standard and combination of managers' remuneration, and the procedures for determining remuneration:

  3. (a) Policy: The company’s salary and remuneration policy is to provide the competitive salary standards to recruit and retain the critical executives for the business operation to achieve the company’s stable growth and sustainable development.

  4. (b) Standard: The salary and remuneration paid to the Managers can be classified as fixed, variable, and others. Every year, the salary and remuneration received by managers and their performance goals (performance goals vary according to each department, and the main performance indicators of business vice presidents and managers are revenue Budget achievement and account collection, R&D vice president and manager for new product development progress and process improvement, quality assurance manager for GMP compliance and customer complaint handling, quality control manager for quality system operation, engineering manager for equipment Project completion progress, environmental protection manager for waste disposal and environmental management system operation, and financial manager for fund allocation and compliance with laws and regulations. The above-mentioned managers' work indicators are summarized to measure the overall performance of the general manager) and the achievement status is reported to the remuneration committee. For the committee to evaluate the content and amount of remuneration in accordance with the regulations of the organization, and submit its recommendations to the board of directors for discussion.

  5. (c) Combination :

  6. (c1)Fixed salary: Fixed salary is the monthly salary paid to the Managers each month, the payment

  7. standard references the statistics of industries and labor market with consideration of the job position, nature of the job, professional abilities, and the occupational supply & demand.

  8. (c2) Variable salary: Variable salary consists of the end of year bonus, employees’ remuneration, performance bonus, and the foundational payment of shares. Variable salary connects part of the salary and remuneration to operational performance.

  9. (c3) Other salary and remuneration:

  10. According to business needs for senior executives above the Vice Presidents, the provision of a vehicle with the petrol fee can be suggested by the Remuneration Committee for approval from the Board of Directors case by case.

  11. (d) Procedures for determining salary and remuneration:

  12. The company’s salary and remuneration of the Managers and its management procedures shall be formulated from the opinions of the Remuneration Committee after they were, proposed to and approved by the Board of Directors.

  13. (e) Management performance:

  14. Overall, the ratio of variable salary is approximately 50%, which is highly connected to the overall operational performance of the company.

  15. (f) Future risks:

  16. The ratio of variable salary and remuneration is high, therefore the flexibility for the company operation is higher, which shall effectively reduce the risk of uncertainty in the future.

32

  • B. The policy, standard and combination of directors' remuneration, and the procedures for determining remuneration:

  • (a)Policy: To implement corporate governance and complete directors’ compensation system in a bid to make directors’ compensation transparent, reasonable, and systematic.

  • (b)Standard: Based on the scale of operations, complexity of operations, and market standards, the

  • company formulates the “salaries and remuneration procedure for directors”, and considers the contribution of individual directors to the company's performance, and distributes them reasonably. Considering that the chairman is responsible for the company's development planning, formulating strategic goals and undertaking the overall operating performance, it takes a lot of time and effort and the responsibility is heavy, so a higher reward and reward will be given. In addition, considering that independent directors also serve as members of functional committees, the overall remuneration will be higher than that of general directors.

  • (c) Combinations:

  • 1.Remuneration:

  • In accordance with the Articles of Incorporation, if the company makes a profit within the year, the remuneration committee will consider the overall performance of the board of directors, operational performance of the company, and the future operation and risk of the company, and then make a suggestion of providing no more than 2% of the profit as the remuneration for Directors.

  • Business Execution Related Expenses:

  • Pay each director NT$30,000 per month, and provide directors with business execution related expenses. However, the company shall reimburse directors for the air tickets and accommodation fees if the director makes a business trip required for the company’s businesses.

  • (d) The procedures for deciding remuneration:

  • On March 14, 2023, the remuneration of NT$4,250,000 equal to 1.0% of the company’s 2022profit was approved by the remuneration committee and then the board of directors.

  • The Company completed the performance evaluation of directors on January 11, 2023, (Please refer to page 36) and took this assessment result into consideration for the distribution of directors' remuneration.

  • (e) Future Risks:

Directors' remuneration is highly linked to operating performance, and the rest of the payment is fixed and controllable, so there is no significant future risk in the assessment.

33

3.3 Implementation of corporate governance

3.3.1 Implementation of Directors’ Meetings

(1) Total of 7 meetings of the Board of Directors were held of 2022. The attendances of directors were as follows:

Title
Name
Attendance in
person
Attendance by
proxy
Attendance Rate in
Percentage (%)		 Note
Mercuries & Associates
Chairman
Holding, Ltd.
Institutional representative�
7
0
100%
Wei-Chyun Wong
Mercuries & Associates
Director
Holding, Ltd.
Institutional representative�
7
0
100%
Shiang-Li Chen
Mercuries & Associates
Director
Holding, Ltd.
Institutional representative�
7
0
100%
Aurora Chen
Mercuries & Associates
Director
Holding, Ltd.
Institutional representative�
7
0
100%
Wen-Chih Chou
Independent
Director
Te-cheng Tu
6
1
85.7%
Independent
Director
Chia-Chun Jay Chen
7
0
100%
Independent
Director
Vincent Wang
5
0
100%		 newly
elected
Independent
Director
Hung-Chin Wu
2
0
100%		 step
down
Other items that shall be recorded�
1. In the event of either of the following situations, dates, sessions, contents of resolutions of the Board Meetings,
opinions from all independent directors, and Company responses to their opinions should be noted :
(1) Any matter listed in Article 14-3 of the Securities and Exchange Act :
Independent directors did not provide any opposing views during the 7 board meetings held in 2022.
(2) In addition to the aforementioned matters, any other resolutions from the board meetings where an
independent director expressed a dissenting or qualified opinion that have been recorded or stated by
writ. : None.
2. For the implementation and state of director’s recusal for conflict of interest, the director's name, contents of the
topic, reasons for the required recusal, and participation in the voting process :
(1) On June 29, 2022, Second Item of Discussion Matters in the Board of Directors’ Meeting:
The company planned to amend to the Remuneration rule for directors. For this item, Directors Wei-Chyun
Wong, abstained from voting due to conflict of interest.
(2) On June 29, 2022, Third Item of Discussion Matters in Board of Directors’ Meeting:
The company intended to adjust the remuneration of the chairman. . For this item, Directors Wei-Chyun Wong
abstained from voting due to conflict of interest.
(3) On June 29, 2022, Fourth Item of Discussion Matters in Board of Directors’ Meeting:
The company intended to approve the appointment and remuneration of the President. For this item, Directors
Wen-Chih Chou abstained from votingdue to conflict of interest.

34

  • (4) On June 29, 2022, Fifth Item of Discussion Matters in the Board of Directors’ Meeting:

  • The company intended to approve the remuneration amount of the Managers. For this item, Directors WeiChyun Wong and Wen-Chih Chou abstained from voting due to conflict of interest. (5) On June 29, 2022, Sixth Item of Discussion Matters in the Board of Directors’ Meeting:

  • The company planned to donate to the Republic of China Criminal Investigation Association. For this item, Directors Wei-Chyun Wong, Shiang-Li Chen, Wen-Chih Chou and Aurora Chen abstained from voting due to conflict of interest.

  • (6) On December 26, 2022, Third Item of Discussion Matters in Board of Directors’ Meeting:

  • The company intended to approve the remuneration amount of the Managers (end of year bonus in 2022). For this item, Directors Wei-Chyun Wong and Wen-Chih Chou abstained from voting due to conflict of interest.

    1. The information regarding the self-evaluation evaluation cycle and period, evaluation scope, method or evaluation contents, and Board of directors performance evaluation review : Please refer to page 38. 4. Goals for enhancing the functions of the Board of Directors (such as increasing information transparency) for the current fiscal year and most recent fiscal year as well as assessments of the actions implemented : (1) Goals: A. Enhancing corporate governance, implementing information transparency, and becomeing one of the companies listed in the top 20% in the TWSE Evaluation of Corporate Governance.

  • B. Continuing to improve the professionalism of the Directors. C. Maintaining strong communication between the CPAs and the company’s corporate governance unit.

  • (2) Implementation:

  • A. Professionals are invited to provide laws & regulations and corporate governance lessons, providing the Directors’ continuous learning on the related information.

  • B. The total hours of continuous learning of all Directors in 2022 met the requirements of the laws and regulations, reaching 54 hours in total.

  • C. The company was listed in the top 6% to 20% in the first to the sixth Evaluation of Corporate Governance, and was listed in the top 21% to 35% of companies in the seventh to the ninth Evaluation of Corporate Governance. D. The CPAs communicate with Directors about important audit matters, audit conditions, and other audit-related matters, while also promoting the corporate governance matters and the latest laws and regulations amendments before the Board meeting. The CPAs reported to the Board of Directors 4 times in the Board of Directors’ meeting and joined shareholders’ meeting one time in 2022.

  • (2) Total of 7 meetings of the Board of Directors were held of 2022. The attendances of independent directors were as follows:

  • �attendance in person � o�video attendanc � @�attendance by proxy� *�absent

2022 1st 2nd 3rd 4th 5th 6th 7th
Te-chengTu � � � � @ � �
Chia-Chun JayChen � � � � � � �
Hung-Chin Wu(stepdown) � � NA NA NA NA NA
Vincent Wang (newlyelected) NA NA � � � � �

35

(3) The 2022-year Board of directors performance evaluation review as follows:�

Evaluation
cycle		 During the
evaluation		 Scope How to evaluate it Content
Once a year 2022.01.01~
2022.12.31		 1. Board of directors
2. Individual directors
3. Functional Committee		 1.CG officer evaluate the
board of directors
2.Self -evalu ation by
m e m b e r s o f t h e
Board
3.CG officer evaluate audit
a n d r e m u n e r a t i o n
committee		 The items for evaluating
questionnaire shall be
determined in accordance
w i t h " P e r f o r m a n c e
Evaluation Regulation of the
Board of Directors". (p.141)

  • (4) The 2021 year board of directors performance evaluation review was completed on 11 Jan. 2023, and reported on 14 March 2023 as follows :

  • A. Self-evaluation results of 2022 members of directors :

Director Score Comments
Wei-ChyunWong 99.13 None
Shiang-Li Chen 96.52 None
Aurora Chen 95.65 Before the board of directors, I read and
understood the meeting materials in detail, and
fully communicated and interacted with the
directors and senior executives. However, the
company's industry is changing rapidly, and it
is necessary to keep pace with the times and
encourage myself.
Wen-ChihChou 97.39 None
Te-cheng Tu 93.40 None
Chia-ChunJay Chen 99.13 None
Vincent Wang 95.65 None
  • �� Evaluation results of CG officer :
CG officer Score Comments
Board of
directors		 95.11 Directors attended the meeting in good condition, and all proposals
were passed after full discussion.
Audit and
Remuneration
committee		 93.08 At present, there are adequate and enough functional committees,
and the committees are indeed functioning effectively.

36

3.3.2 Operations of the Audit Committee ��

(1) Information on the members of the Audit Committee

March 31, 2023

Identity

Independent
Director
(Convener)
Independent
Director
Independent
Director
(newly elected)
Independent
Director
(stepdown)		 Criteria
Name
Te-cheng Tu
Chia-Chun Jay
Chen
Vincent Wang
Hung-Chin Wu		 Professional Qualification,
and Work Experience
Please refer to page 23-24.
Please refer to page 23-24.
Please refer to page 23-24.
Please refer to page 23-24.		 Independence Criteria
Please refer to page 23-24.
Please refer to page 23-24.
Please refer to page 23-24.
Please refer to page 23-24.		 Number of Other
Public Companies in
Which the Individual
is Concurrently
Serving as an the
Audit Committee
member.
1
0
0
0

(2) Implementation of the Audit Committee

A total of 7 Audit Committee meetings were held in 2022. The attendance of independent directors is as follows:

Title
Name
Attendance in
Attendance by		 Attendance Rate in Note
person
proxy		 Percentage (%)
Independent Director
Te-cheng Tu
6
1		 85.7%
Independent Director
Chia-Chun Jay Chen
7
0		 100%
Independent Director
Vincent Wang
2
0		 100% newly elected
Independent Director
Hung-Chin Wu
5
0		 100% step down
Other items that shall be recorded�
1.Major tasks of the auditing committee in the year:
(1) Amendments to the internal control system.
(2) Assessment of the effectiveness of the internal control system.
(3) Amendment to the procedures for handling financial or business activities of a material nature, such as
acquisition or disposal of assets, derivatives trading, loaning of funds to others, and endorsements or
guarantees for others.
(4) Review matters in which a director is an interested party.
(5) Review asset transactions or derivatives trading of a material nature.
(6) Review loans of funds, endorsements, or provision of guarantees of a material nature.
(7) Review the offering, issuance, or private placement of equity-type securities.
(8) Review the hiring or dismissal of a certified public accountant, or their compensation and independence.
(9) The appointment or discharge of a financial, accounting, or internal audit officer.
(10) Review annual and semi-annual financial reports.
(11) Review other material matters as may be required by this Corporation or by the competent authority.

37

  • 2.In the event of either of the following situations, dates, sessions, contents of resolutions of the Board Meetings, opinions from all independent directors, and Company responses to their opinions should be noted :

  • (1) Article 14-5 of the Securities and Exchange Act listed items :

  • There had been a total of 7 meetings of the Audit Committee as of 2022. The meeting resolutions are all approved by Audit Committee.

  • (2) Proposals approved by two-thirds of the Board of Directors and yet to be passed by the Audit Committee : None.

  • 3.If there are independent directors’ avoidance of motions in conflict of interest, the directors’ names, contents of motion, causes for avoidance and voting should be specified : None.

  • 4.Communication among Independent Directors, internal audit officer, and CPA (including important matters, methods, and results of the Company's finance and operations) :

  • (1) Head of Internal Audit:

The Head of Internal Audit shall communicate with Independent Directors in person in the Audit Committee at least 4 times a year, and submit the audit report of the previous month to all Independent Directors for review each month. In 2022, the Head of Internal Audit attended 6 Audit Committee meetings and 6 Board of Directors meetings to communicate with Independent Directors in person, and the Independent Directors haven’t provided any suggestions in regards to internal audit in 2022.

  • (2) CPAs: The CPAs shall communicate to the Independent Directors directly at least four times per year in the Board of Directors’ meetings. In 2021, the CPAs communicated with the Independent Directors in person to discuss the accounting systems, key audit matters, internal control, operational conditions, independence of the CPAs, the latest amendment in the laws and regulations, and other issues in the Board of Directors’ meeting on March 18, 2022, May 6, 2022 � August 10, 2022 � November 10,2022, and on the shareholders’ meeting on June 21, 2022. The Independent Directors have no opinions on the above-mentioned issues.

38

  • 3.3.3 The state of the company's implementation of corporate governance, any variance from the Corporate Governance Best-Practice Principles for TWSE/TPEx Listed Companies, and the reason for any such variance :
Evaluation Item State of Operations Gaps with the Corporate
Governance Best
Practice Principles for
TWSE/TPEx Listed
Companies and Reasons
Yes No Summary
1.
Does the Company establish and
disclose the Corporate Governance
Best Practice Principles according
to the Corporate Governance Best
P r a c t i c e P r i n c i p l e s f o r
TWSE/TPEx Listed Companies ?		 � The Company has established the Corporate
Governance Best Practice Principles according
to the Corporate Governance Best Practice
Principles for TWSE/TPEx Listed Companies,
and disclosed these Principles on the Market
Observation Post System (MOPS) and SCI’s
website.
The latest version of the Corporate Governance
Principle has been amended and approved on
March 14, 2023.		 None
2.
Equity structure and shareholders’
equity of the Company
(1)Does the Company establish
internal procedures for handling
sh ar eho lde r s' pr opo sal s ,
i n q u i r i e s , d i s p u t e s , a n d
litigation? Were such matters
handled according to these
internal procedures ?
(2)Does the Company maintain a
register of major shareholders
with controlling power as well
as a regis ter o f p erso n s
exercising ultimate control over
those major shareholders?
(3)Does the Company establish
and enforce risk controls and
firewall systems with its
affiliated companies ?
(4)Does the Company stipulate
internal rules that prohibit
insiders from trading securities
using information not disclosed
to the market ?		 �
�
�
�		 A spokesperson / deputy spokesperson system
has been established, and were assigned to
handle shareholders' recommendations, disputes,
and other questions. Matters related to the
shareholders’ meeting were implemented
according to the Rules and Procedures of
Shareholders Meeting.
In compliance with the regulations, the Company
disclosed changes in the shareholding of insiders
on a monthly basis. During the book closure
period, the stock agency will provide a list of
shareholders to monitor changes in the
shareholding of major shareholders.
The Company proceeds and abides by in
accordance with its Regulations Governing the
Implementation of Internal Control Systems�
Rules Governing Financial and Business Matters
Between this Corporation and its Affiliated
Enterprises and the Procedures for Acquisition
and Disposal of Assets.
The Company has stipulated the Ethical
Corporate Management Best Practice Principles
that prohibit insiders from trading securities
using information not disclosed to the market.
The company has amended the Corporate
Governance Principle in the Board of Directors’
meeting on March 18, 2022, with the
introduction of new control measures on the
share trading by the company insider when
acknowledging the financial report or relevant
business contents of the company, which
includes (but not limited to) that the Directors
may not trade their shares within 30 days before
the publishment of annual financial report and 15
days before the publishment of quarterly
financial report. The company also notifies the
directors and all employees of the above-
mentioned stock trading control measures by
None
None
None
None

39

email on a quarterly basis.
3.
Composition and responsibilities of
the Board of Directors
(1)Has a policy of diversity and
specific management goals been
established and implemented for
the composition of the Board of
Directors ?
(2)In addition to the Remuneration
Committee and the Audit
C o m m i t t e e e s t a b l i s h e d
according to the law, has the
C o m p a n y v o l u n t a r i l y
established other functional
committees ?
(3)Has the company stipulated the
board of directors performance
evaluation measures and
method, conducted annual
performance evaluation, and
reported the performance
evaluation results to the Board
of Directors as a reference for
i n d i v i d u a l d i r e c t o r s '
compensation and nomination?
(4)Does the company regularly
evaluate the independence of
CPAs ?

�
�
�		 � The Company referred to the regulations of
Article 20 of the Corporate Governance Best
Practice Principles to ensure that members of the
Board of Directors have work experiences and
professional
skills
required
for
business,
financial, accounting, and corporate operations.
For the details of implementation, refer to Page
108 of this Annual Report.
The Company shall, whenever appropriate,
evaluate the necessity of establishing functional
committees.
The company has amended the Board of
Directors’ Performance Evaluation Practices and
Methods on November 6, 2020, and the
evaluation of the Board of Directors’
performance for 2022 is completed on January
11, 2023, which was reported to the Board of
Directors by the Head of Corporate Governance
on the Board of Directors’ meeting on March 14,
2023, which shall be used as references for the
Board of Directors and functional committee to
determine the salary and remuneration of each
Director and the nomination of continuous in
office for the next term.
After the self-evaluations conducted by the CPAs
and the issuance of their Impartial and
Independent Declaration, followed by the
preliminary evaluation by the Manager level, the
overall evaluation results were eventually
submitted to the Audit Committee and Board of
Directors for re-evaluation and resolution, the
CPAs’ Independency evaluation was passed on
November 10, 2022.
Included evaluation items:
The CPAs, the spouses of CPAs, and the minor
children of CPAs having no investment or
sharing a financial interest with the company, and
the CPAs, the spouses of CPAs, and the minor
children of CPAs having no financial debt with
the company, etc.		 None
T h e C o m p a n y w i l l
evaluate the necessity of
establishing functional
c o m m i t t e e s i n
the future.
None
None
4.
Is the company staffed with an
appropriate number of qualified
corporate governance personnel,
does it designate a person as a
corporate governance officer,
responsible for matters related to
corporate governance (including
but not limited to providing
directors and supervisors with the
necessary information to perform
business, assisting directors and
supervisors in compliance,		 � The company’s Head of Corporate Governance
is concurrently served by the Manager of F&A,
DeiterYang , who has the experience of serving
as the Head of Accounting and Finance in Public
Listed Companies for 20 years and with a CPA
qualification.
1.The scope of the Head of Corporate
Governance’s authority and responsibilities:
1.1 Handling the related matters of the Board
of Directors’ meeting and shareholders’
meeting.
1.2 Preparing the minutes of the Board of		 None

40

handling matters related to the Board of Directors meeting and the s h a r e h o l d e r s ' m e e t i n g i n accordance with the laws, handling c o m p a n y r e g i s t r a t i o n a n d registration of changes, and keeping minutes of the Board of Directors meeting and the shareholders' meeting) ?

Directors’ meeting and shareholders’ meeting. 1.3 Assisting the Directors’ onboarding and continuous learning. 1.4 Providing the required data for Directors to perform their duties. 1.5 Assisting the Directors’ compliance with laws and regulations. 1.6 Report to the board of directors the results of its review on whether the qualifications of independent directors comply with relevant laws and regulations at the time of nomination, election and during their tenure. 1.7 Handle matters related to the change of directors. 1.8 Other matters stipulated in the company’s Article of Incorporation or agreements. 2.The focus on the execution of corporate governance in 2022: 2.1 Ensuring compliance with laws and regulations. 2.2 Assisting the Directors’ continuous learning and compliance with laws and regulations. 2.3 Providing related corporate governance information to the Directors. 2.4 This year's director re-election, review the qualification checklist for the election of independent directors. 2.5 In this year's director reelection, one independent director will be changed to assist the old and new independent directors in matters related to the change. 3.The continuous learning of the Head of Corporate Governance in 2022: 3.1 Leaders Academy Forum - Under the New Reality, Reboot - See Digital New Taiwan/ Taiwan Institute of Directors / 3 hours 3.2 Prevention of insider trading publicity meeting/ SFI / 3 hours 3.3 Corporate Governance-Corporate Sustainability and ESG Development Trend/ Brokers Association / 3 hours 3.4 Insider Equity Transaction Legal Compliance Publicity Explanation Session/ SFI / 3 hours

Has the Company established a communication channel with stakeholders (including but not l i m i t e d t o s h a r e h o l d e r s , employees, customers, and suppliers)? Has a stakeholders’ area been established on the company website? Has the Company addr es sed m ajo r corporate social responsibility (CSR) topics that the stakeholders are concerned in a proper manner ? 6.

�� The company has established a daily communication channel with stakeholders, and set up a special area for interested parties on the company's website to facilitate the use of stakeholders. The Company shall respond to the issues of concern to the interested parties by the Spokesperson or the Responsible Supervisor in a u n i f i e d m a n n e r . On June 29, 2022, the Head of Corporate Governance of the Company reported to the Board of Directors on the actual communication with the interested parties.

None

41

Has the Company delegated a
professional stock agency to handle
s h a r e h o l d e r s ’ m e e t i n g s ?		 � The company has delegated Horizon Securities
Corp. to be in charge of handling affairs
pertaining to shareholders’ meetings .		 None
7.Information disclosure
(1)Did the Company establish a
website to disclose information
on financial operations and
corporate governance ?
(2)Did the Company adopt other
ways of information disclosure
(such as establishing an English
language website, delegating a
professional to collect and
disclose company information,
implementing a spokesperson
system, and disclosing the
process of investor conferences
on the company website) ?
(3)Does the company publicly
announce and declare the annual
financial report within two
months after the end of the fiscal
year, and publicly announce and
declare the financial reports for
the first, second, and third
quarters and the monthly
operating status early before the
specified deadline ?		 �
�
�		 The company has established the official website
for disclosing information on finances, business
operations, and corporate governance. Links
with Market Observation Post System (MOPS)
have also been established to provide the prompt
disclosure of information.
The company has established chinese/english
website and assigned persons to maintain and
disclose corporate information through the
website. The company has also fulfilled a
spokesperson system.
The company participated in the institutional
investors’ conference held by securities
exchanges or other institutes and uploaded the
brief and video of the conferences on the
company’s website or MOPS for investors and
shareholders to reference and review.
The company's financial reports for the first,
second, and third quarters of 2022 were approved
by the board of directors 4-5 days before the
announcement period, and announced on the date
of approval. In addition, the monthly revenue of
the company is announced 1-2 days before the
announcement period.		 None
None
The company is currently
not able to declare and
p u b l i s h t h e a n n u a l
financial report within 2
months after the fiscal
year ended.
8.
Has the Company provided
important information to provide
better understanding of the state of
corporate governance (including
but not limited to employees’
rights, employee care, investor
relations, supplier relations,
stakeholders’ rights, progress of
training of Directors, risk
managementpolicy and state of
i m p l e m e n t i n g r i s k i m p a c t
standards, state of implementing
customer policies, and the
Company’s purchase of liability
insurance for its Directors and
Supervisors) ?		 � 1.Employee rights�
The recruitment of new employees is based on
the
principle
of
equality,
including
the
employment of people who are physically and
mentally challenged, as well as middle-aged and
elderly workers. The company strictly complies
with the Labour Standard Act and related laws
and regulations to protect human rights and
employee rights. The company holds the labor-
management council every quarter to promote
two-way communications, and harmonious
labor-management relation has been maintained,
which resulted in zero labor-management
disputes arising until this day.
2.Employee cares�
2.1 The company provides emergency aid and
assistance to employees, with the
management participating in employees’
weddings, funerals, and other events.
2.2The company invites the family of
employees to participate in the company
travels, end-of-the-year banquets, and other
events.
2.3The management has meals with employees
regularly to understand their living
conditions.
2.4 Due to the impact of the fire at the end of
2020, the average salary of full-time
employees who were not in supervisory		 None

42

positions in 2021 was reduced to NT$ 696,000, ranking 62 out of 114 listed biotechnology and medical industries. 3.Investors relationship � The company fully disclosed information on SCI’s website to allow investors to understand its operation instantly. The company communicated with investors through shareholders' meetings, investor conferences, and a spokesperson system. 4.Supplier relationship � The company operates with the mindset of partnerships, practicing principles of equality and reciprocity to create a win-win situation for all. The company conducts audits irregularly to understand the operation of suppliers and to ensure the security of the supply chain. In addition, the company manages the supplier relationships following the “Ethical Corporate Management Best Practice Principles” and “Environmental Safety and health management of procurement practices,” with regular audits and reports provided to the President. 5. Stakeholders’ rights � The company values good relationships between our stakeholders, including employees, investors(shareholders), clients, government authorities, communities, suppliers, and others. In addition to performing the rights and obligations by following laws, regulations, related ag reements, a nd operational requirements, the company uphold the principle of good faith, maintaining decent communication channels to protect the legal rights of all parties. 6.State of training of Directors � To enhance the promotion of corporate governance, the company has been requiring the Directors to participate in continuous learning. Please refer to the descriptions on page 130. 7.The implementation of risk management policies and risk measurement standards � Please refer to Page 118-124 for the descriptions of the analysis and evaluation of risk matters. 8.State of implementing customer policies: The company provides our clients all over the world with products in compliance with GxP/ISO 9001 to ensure the satisfaction of our clients and has been continuously improving the quality system to meet the latest government laws and international regulations. According to the satisfaction survey retrieved from our clients in 2022, the company received a score of 48 out of 50. The item that brought the highest satisfaction was the quality and the client service, and the lowest was the price. 9.Liability insurance for the directors purchased by the company: �

The company insured a US$3 million coverage from the property insurance company. The coverage amount, scope of insurance, and rates of insurance fee on the agreement signed on August 3, 2021, were reported in the Board of

43

Directors’ meeting on August 6, 2021.
9.
Improvements made in the most
recent year in response to the
results of corporate governance
evaluation conducted by the
Corporate Governance Center of
Taiwan Stock Exchange
Corporation (TWSE), and
prioritized matters and measures to
be improved for matters that have
not been improved.		 � 1.The result of the ninth Evaluation of
Corporate Governance has been announced
by the TWSE, and the company received a
score of 87.48 as one of the companies listed
in the top 21% to 35%.
2.Major defects that failed to meet the
requirements in the Evaluation of Corporate
Governance:
2.1 The annual report reveals that the items of
managers' performance evaluation are not
detailed.
2.2 The website and annual report reveal that
the board of directors' supervision of
sustainable development (such as the
formulation and review of management
guidelines, strategies and goals) is not
detailed.
3. Status of Improvement:
3.1 This year, the item of manager
performance evaluation will be added.
3.2 This year, the board of directors will
increase the formulation and review of
sustainable development management
guidelines, strategies and goals.
None

3.3.4 Composition, duties, and operations of remuneration committee :

(1) Information on the members of the Remuneration Committee

March 31, 2023

Identity

Independent
Director
(Convener)
Independent
Director
Independent
Director
(newly elected)
Independent
Director
(stepdown)		 Criteria
Name
Te-cheng Tu
Chia-Chun Jay
Chen
Vincent Wang
Hung-Chin Wu		 Professional Qualification,
and Work Experience
Please refer to page 23-24.
Please refer to page 23-24.
Please refer to page 23-24.
Please refer to page 23-24.		 ndependence Criteria
Please refer to page 23-24.
Please refer to page 23-24.
Please refer to page 23-24.
Please refer to page 23-24.		 Number of Other
Public Companies in
Which the Individual
is Concurrently
Serving as an the
Remuneration
Committee member.
1
0
0
0

44

(2) Implementation of the Remuneration Committee

A total of 3 Remuneration Committee meetings were held in 2022. The attendance of independent directors is as follows:

Title
Name
Attendance in
Attendance by
Attendance Rate in
Note
person
proxy
Percentage (%)
Independent
Director
Te-cheng Tu
3
0
100%
Convener
Independent
Director
Chia-Chun Jay
Chen
3
0
100%
Independent
Director
Vincent Wang
2
0
100%
newly elected
Independent
Director
Hung-Chin Wu
1
0
100%
step down
Other items that shall be recorded.
1. Composition: The fifth term of the company’s Salary and Remuneration Committee has been established on June
21, 2022, and has been consists of 3 Independent Directors. For the information on the members,
please refer to the “Directors’Information” page.
2. Authorities and responsibilities:
To act under the scope of authorities and responsibilities specified in Article 6 of the company’s
Salary and Remuneration Committee Charter, which is specified as follows:
(1) To review this charter and provide amendment opinions periodically.
(2) To enact and periodically review the target goals of the Directors’ and Managers’ salaries and
remunerations, as well as the related policies, systems, standards, and structures.
(3) To periodically review the fulfillment of the performance goals of the company’s Board of Directors and
Managers, and provide opinions on the content and amount of the salary and remuneration for each of
them.
3. If the Board of Directors rejects or modifies the opinion proposed by the Salary and Remuneration Committee, then
the date of the meeting, the session, the content of the motions, the resolutions determined by the Board of
Directors, and the company’s response to the Salary and Remuneration Committee’s opinion shall all be specified
(if the salary and remuneration resolution made by the Board of Directors exceeds the offering in the proposal of
the Salary and Remuneration Committee, the details and cause of the difference shall be specified in the board
meeting minutes): None.
4. For resolutions made by the Salary and Remuneration Committee, if any member posed opposition or opinions that
are on record or stated in a written statement, then the date of the meeting, session, the content of motions, all
members’ opinions, and the response to the members’ opinions shall be specified: None.
5. If the member is a Director, please specify whether the appointment is following the requirement stated in
Paragraph 5 Article 6 of Regulations Governing the Appointment and Exercise of Powers by the Salary and
Remuneration Committee of a company Whose Stock is Listed On the Taiwan Stock Exchange or the Taipei
Exchange:
All the members are Independent Directors,which complies to the laws and regulation.

45

3.3.5 The state of the company's pushing of Sustainable Development :

Pushing of Sustainable Development, Deviations from " Sustainable Development Best Practice Principles for TWSE/TPEx Listed Companies" and Reasons Thereof

Push Item State of Implementations State of Implementations State of Implementations Gaps with the
Sustainable
Development,
Best Practice
Principles for
TWSE/TPEx
Listed Companies
and Reasons
Yes No Summary
1.
Has the company established a
governing structure for sustainable
development,
and
appointed
exclusive (or concurrent) dedicated
units under the command of the
senior executives authorized by the
Board of Directors? What is the
status of the supervision from the
Board of Directors?		 � The company’s unit in charge of sustainable
development is the President Office, with the
Sustainable Development Committee established
(please refer to Attachment 4). The Chairman of the
committee is served by the Chairman of the Board and
the concurrent General Manager, Mr. Wei-Chyun
Wong, with 6 teams under the committee, as regular
reviews will be conducted for the improvement and
implementation progress of each team. In addition, the
President assigned the Head of the Corporate
Governance Team and Social Charity Team, Deiter
Yang, to report to the Board of Directors for the
implementation progress of sustainable development
at least once a year.
Please refer to Appendix 4 for the company's
sustainable development commitment and goals.
Please refer to Appendix 4 for the company's
sustainable development policy.
Please refer to Appendix 4 for the company's
sustainable development management guidelines and
its implementation.
Supervision from the Board of Directors:
The current implementation status of sustainable
development in 2022 has been reported by the board
of directors on December 26, 2022, and the directors
have no relevant suggestions.
Under the company’s Sustainable Development
Committee, a total of 6 teams are established: The
Executive Team, the Business Development Team, the
Sustainable Environment Team, the Energy Saving &
Carbon Reduction Team, the Corporate Governance
Team, and the Charity Team. The teams are expected
to detect business activity risks related to the
environment, clients, suppliers, employees’ safety,
community, corporate governance, etc., and provide
timely responses.
Currently,
the
executive
team,
sustainable
environment team, and energy-saving and carbon-
reduction team carry out relevant inventory operations
based on the greenhouse gas inventory and third-party
verification schedule discussed and approved by the
board of directors on 111.6.29, and report the relevant
progress to the board of directors on a quarterly basis.
The company will revise the risk management policies
and procedures at the board meeting in early May, and
the audit committee will be responsible for supervising
the operationof risk management at ahigher level.
None

46

2.
Does the company conduct risk
assessments
on
environmental,
social, and corporate governance
issues related to its operations in
accordance with the materiality
principle, and implement relevant
risk
management
policies
or
strategies?		 � The company has been certified with the ISO9001
(2015 version – valid until February 9, 2026) quality
management system certification, the ISO 14001
(2015 version – valid until January 5, 2024)
environmental management system certification, and
the ISO 45001 (2018 version – valid until October 16,
2025) occupational health and safety management
system certification. Through maintaining the
aforementioned management system, the company has
been successfully controlling risks emerging from the
environment, clients, suppliers, employees’ safety, and
other aspects, while providing timely responses.
To strengthen the company’s risk management
capabilities, the company’s risk management policies
are to determine the scope of operational risks and
take appropriate actions with the procedures of
identifying the risks, evaluating the risks, supervising
the risks, reporting the risks, and disclosing the risks,
ensuring that all operational risks are properly
managed.
Please refer to Attachment 6 for the company’s risk
management policies and procedures.
The company’s Head of Corporate Governance shall
report to the Board of Directors on the operation status
of risk management at least once each year.
Supervision from the Board of Directors:
The report on the operation of risk management in
2022 was completed at the Board of Directors'
meeting on December 26, 2022, and the directors had
no relevant suggestions..
This disclosed information included the sustainable
development performance of the company from
January 2022 to December 2022. The scope of risk
assessment only covered the company, as the only
subsidiary, Yushan Pharmaceuticals, is currently
having no operational activities.		 None
3.Environmental issues
(1) Does the company establish
p r o p e r e n v i r o n m e n t a l
management systems based on
the characteristics of their
industries?
(2) Does the company endeavor to
utilize all resources more
efficiently and use renewable
materials which have low
impact on the environment?		 �
�		 The company has been certified with the ISO 14001
(2015 version – valid until January 5, 2024)
environmental management system certification, and
the ISO 45001 (2018 version – valid until October
16, 2022) occupational health and safety management
system certification.The implemented complete
environmental management system has been
maintaining the effective operation of the
aforementioned systems.
1.Improvements in energy efficiency:
The current major energy consumption of the
company is electricity, followed by gas-fired power.
For the energy-saving measures, the company
reconstructed the plants and renewed the equipment in
2022, improved efficiency and reduced energy
consumption can be anticipated as a result.
2.The recycling and reuse of solvents:
The company has also been striving for improvement
in the production process through recycling and
reusing solvents. The company recycled 32.1 kg of
Palladium metals, and 526,526kg of the solvents
containing Deuterium and Nitrogen in 2022.		 None
None

47

(3) Does the company assess the
current and future potential
risks and opportunities of
climate change to the company,
and adopt measures to respond
to climate-related issues?
(4) Does the company count the
gas emissions of greenhouse,
water consumption and total
weight of waste in the past two
years, and does the company
formulat policies on energy
saving and carbon reduction,
reduction of greenhouse gas
and water consumption or
other waste management?		 �
�		 3.Promoting circular economy:
The company and Veolia Environment established a
joint venture company based on 40% and 60%
shareholding ratios, focusing on "innovating new
technologies for circular economy" and recycling
waste solvents in the pharmaceutical industry. The rate
is about 85%, implementing the vision of green
manufacturing and reducing carbon emissions.
Rainstorms, strong wind, and typhoons may cause
unstable water supplies and impact the production
line, collapsed or flooded roads will impact the
deliveries, and the power failure may result in
disrupted production or other issues. As for the
response measures for such situations, the company
has installed electricity generators, built water towers,
and purchased business interruption insurance to
reduce operational risks.
1. Energy saving and carbon reduction, and reduction
of greenhouse gas :
The company's president's office, environmental
protection department and safety office are responsible
for the promotion and implementation of
environmental protection, safety and health-related
businesses, and an environmental management
implementation committee is established to formulate
the company's overall environmental safety and health
policies and proposals. Environmental safety and
health meetings are held every two weeks. Meeting to
r e v i e w e x e c u t i o n d i r e c t i o n .
In 2021, due to the impact of the fire accident,
production was not possible, and the total greenhouse
gas emissions were only about 1,667 tons of CO2e; in
2022, some production areas resumed work, and the
total greenhouse gas emissions increased to 6,289 tons
of CO2e, which was about 37% of the emissions
before the fire accident in 2020 (16,805 tons of CO2e).
The company has successively promoted various
product carbon footprint projects since 2022, and one
product has passed ISO14067:2018 verification, and is
expected to obtain ISO14064-1:2018 verification in
2024. Through carbon footprint and greenhouse gas
inventory, review emission hotspots, with the goal of
reducing 1% annual temperature emissions, strive to
improve the utilization efficiency of various
equipment,
continuously
improve
product
manufacturing processes, and reduce the impact of
company operations on the natural environment.
2. Water consumption :
The company’s current major water source is tap
water, and the water usage in the plant can be
classified into 4 categories: Cooling water, boiler
water, process water, and domestic water. The total
water consumption (tap water consumption + recycled
water) was 539,000 tons in 2020, but due to the ceased
production after the fire accident, the total water
consumption in 2021 reduced tremendously to 28,000
tons. In 2022, some production areas resumed work,
and the total water consumption increased to 104,000
tons.
In terms of water recycling policy, the cooling water
and the high and low pressure steams used for the		 None
None

48

4. Social Issues

(1) Has the Company referred to international human rights conventions to formulate p o l i c i e s a n d s p e c i f i c management plans for the protection of human rights, and disclose them on the company's website or annual report?

4. Social Issues
(1) Has the Company referred to
international human rights
conventions to formulate
p o l i c i e s a n d s p e c i f i c
management plans for the
protection of human rights, and
disclose them on the company's
website or annual report?		 � cooling and heating in the processes are recycled to
reduce raw water consumption, and the annual
recycled water is approximately 35% ~ 40% of the
total annual water consumption. The underground
pipes will gradually be phased out and replaced by
elevated pipes in the future, which will allow the
operators to have a clear understanding of the water
supply route of the plant, and will also prevent the
large losses of water resources when pipe leakage
occurs.
3. Total weight of waste :
2021
2022
Heading
Carrying
capacity (kg)
Carrying
capacity (kg)
solvent
934,690
2,063,060
General garbage
39,340
128,090
General
business waste
319,620
86,120
Hazardous
business waste
533,450
493,690
Total
1,827,100
2,770,960
4. Other energy saving measure :
The company has implemented multiple energy-saving
measures, such as using automatic devices to activate
and deactivate the lights in the plant at a fixed time,
installing water dispensers and automatic doors,
enabling the air conditioner to be turned on only when
the room temperature exceeds 28 degrees Celsius,
setting the air conditioner to be automatically turned
on and off, establishing a paperless working
environment, using recycled paper, and the
improvement renovation on the air conditioning
ventilation of the office building, to save electricity
and other resources.
SCI Pharmtech, INC. supports and adheres to the
fundamental principles of human rights recognized
internationally, such as the Universal Declaration of
Human Rights (UDHR), the International Bill of
Human Rights, and the International Labor
Organization's Declaration on Fundamental Principles
and Rights at Work.
SCI Pharmtech, INC. has formulated a human rights
policy to safeguard the rights and interests of current
employees and also expects our suppliers and
contractors to comply with the following principles to
uphold human rights:
1.Adhere to labor standards laws and relevant
applicable laws to protect employees' rights.
2.Provide a safe, healthy, and harassment-free working
environment.
3.Follow the principle of equal employment, and not
discriminate or treat individuals differently based on
race, nationality, age, gender, marital status,
political views, religion, etc., and protect the labor
rights of vulnerable or marginalized groups, such as
indigenous people, women, migrant workers,
contract employees, and persons with disabilities.
4.Prohibit forced labor and the use of child labor.		 None

49

(2) Does the company establish
And Implement reasonable
employee welfare programs
(including salary, leave, and
other benefits) and adjust
e m p l o y e e r e m u n e r a t i o n
a c c o r d i n g t o b u s i n e s s
performance?		 � 5.Respect employees' right to privacy and freedom of
association.
6.Support and assist employees in maintaining
physical and mental health and work-life balance.
7.Establish smooth labor-management communication
channels and provide complaint mechanisms.
8.Regularly review and evaluate relevant human rights
systems and actions.
The company also complies with the governmental
labor laws and regulations which prohibited any child
labor, as no employees are under the age of 18.The
company’s recruitment activities are all conducted via
public channels, such as employment websites or the
company’s official website, with sufficient disclosure
on the job vacancies and equality recruitment policy
practiced. Under the precondition of not impacting the
corporate governance and internal control, the
company encourages internal hiring as a priority to
promote the harmony and stability of the labor-
management relationship.
Specific management solutions:
1.Implement recruitment and selection control,
screening application letters and interviews, and
indeed check identity documents to eliminate the
problem of child labor employment; since its
establishment, SCI has not hired child laborers
under the age of 16, nor has there been any labor
disputes.
2.Take a 45-minute break at noon and leave work at
17:15 to avoid traffic spikes; hire a group meal
company to provide food for employees, facilitate
employee meals, and have a moderate lunch break
after meals.
3.Implement leave and encourage colleagues to pay
attention to work-life balance.
4.Provision is made for human rights protection
education and training for colleagues once a year.
5.For other specific explanations, see Labor
Relations on pages P.96-98.
The company evaluates that the implementation of the
111-year human rights policy is in good condition.
At the end of 2020, the company dismissed 40 foreign
colleagues due to a fire accident. Currently, according
to the progress of the factory construction, 9 of them
have been rehired in February of 2023, and they plan
to rehire one after another.
Employee remuneration : Please refer to page 137.
Employee leave : All practices are in line with the
Labor Standard Act.
Other benefits :
Trip activities, wedding gifts, childbirth gifts, funeral
condolence money, hospitalization allowance, work-
related injury leave, emergency aids, end of the year
dinner party, employees’ dormitory, complimentary
meals, service award, insurance planning, and indoor
sports court are all provided to employees.		 None

50

(3) Has the Company provided
employees safe and healthy
working environments? Are
employees given regular training
courses on health and safety?
(4) Has the Company established
effective career and competence
development and training plans?
(5) Has the company followed
relevant laws, regulations and
international guidelines for the
customer health and safety,
customer privacy, and marketing
and labeling of its products and
services and established related
consumer protection policies and
grievance procedures?
(6) Has the company established the
supplier management policies
requesting suppliers to comply
with laws and regulations related
to environmental protection,
occupational safety and health,
or labor rights, as well as
supervised their compliance?		 �
�
�
�		 The company provides employees’ health
examinations each year, 8 hours of fire emergency
exercise each year, 4 sessions of industrial safety
training for field operators each year, group catering
and drinking water safety inspection each year, and
environmental inspection for chemical agents, carbon
dioxide, and noises every six months.
The company has enacted the performance evaluation
and human resources management procedures, and
outstanding employees with potential are nominated
via the performance evaluation system and the
managerial meetings, who shall receive training and
position rotations to develop the employee career
using both the bottom-up and top-down approaches.
The company’s products comply with the related laws
and regulations of GMP and other international
standards, while also have passed the inspection and
review of the Ministry of Health and Welfare of
Taiwan, FDA of the USA, EDQM of Europe, and
PMDA of Japan.
The company does not sell its products directly to the
consumers and the company insured the products with
the liability insurance of USD$2 million.
The company is regulated by Article 26 of the
company’s Sustainable Development Best Practice
Principles and the Environment, Safety, and Health
Management Procedures on its purchase operations.
Due to the impact of the pandemic, the Quality
Assurance Department of the company inspected 3
suppliers through the Internet and inspected 1
suppliers on-site in 2022. In addition to the product
quality, the supplier inspections also covered the
environmental
health,
public
safety,
and
environmental protection status of the suppliers.
The company has enacted in the Corporate Social
Responsibility Principle that the company most ideally
shall evaluate the supplier’s history of impacting the
environment or society before establishing any
business
relationships
to
prevent
conducting
transactions with suppliers contradicting the Corporate
Social Responsibility Principle.
The company has enacted in the Ethical Corporate
Management Best Practice Principle that the
company shall most ideally evaluate the supplier’s
history of unethical behaviors, and if the contracted
supplier was involved in any unethical behaviors, the
company may terminate or cancel the agreement at
any time.		 None
None
None
None
5. Does the company refer to
internationally accepted report
p r e p a r a t i o n s t a n d a r d s o r
guidelines to prepare Sustainable
Development reports to disclose
the company's non-financial
information? Has the company
received assurance or certification
of the aforesaid reports from a
t h i r d p a r t y a c c r e d i t a t i o n		 � The 2020-2021 sustainable development report
published by the company in 2022 was composed by
referencing the international general standards, yet it
has not been accredited by any certification body. The
sustainable development report for 2020-2021 has
been uploaded at the end of September 2022.		 The company
publishes
Sustainable
Development
Report once every
two years.

51

institution?

  1. Where the Company has stipulated its own Best Practices on Sustainable Development according to the Sustainable Development Best Practice Principles for TWSE/GTSM Listed Companies, please describe any gaps between the prescribed best practices and actual activities taken by the Company : None. 7. Other important information useful for understanding the state of Sustainable Development operations : (1) Environmental friendly : A: Passed ISO 14001 � 2015 � and ISO 45001 � 2018 � Certification, and the company has been commissioning agencies recognized by the competent authority to conduct annual operational environment examinations and water quality examinations, enhancing the pollution prevention measures and maintaining the company’s compliance with laws and regulations of environmental protection. B: Cooperation with Industrial Technology Research Institute allows the company to enhance its pollution protection facilities and technologies. C: The company's related expense on environmental protection activities in 2022 is NT$59,445 thousand, approximately 6.6% of the revenue. (2) Community involvement : A: Sponsorship of neighboring temples to build Jiao, Purdue, cultural offerings and other sesame oil money. B: Sponsored Haihu Elementary School Games. C: Sponsored the Mid-Autumn Festival Gala in Haihuli and Binhaili. D:Participating in community activities to maintain a decent relationship with the residents. E: Performing joint fire safety exercises with the Shan Jiao Branch of the Fire Department. F: Providing the venue to the Republic of China Armed Forces for military exercises. (3) Social contributions : A: Dedicating to the shareholders’ interest and benefit: The net profit after tax in 2022 is NT$ 308,780 thousand. B: Contribution to the national treasury tax revenue as an honest taxpayer: The submitted business income tax in 2022 is NT$ 26 thousand. C: Attending to the interest and benefits of the employees and creating job opportunities: As of the end of March 2023, the company hired 214 employees with harmonious labor-management relations and zero records of labor-management disputes. The expense on employee welfare in 2022 is NT$ 238,135 thousand. D: Manufacturing medical and pharmaceutical products, striving for the improvement of human health. (4) Social service and welfare : A: Joining the Republic of China Criminal Investigation Association to support the development of police public services. B: Donated NT$ 150,000 to the Zhang Zhaoding Foundation in 2022 to hold education lectures in rural areas. (5)Health and safety : A: Enacting comprehensive standard operating procedures and requiring the employees to follow them strictly. B: Requiring the employees to wear protective equipment, such as safety goggles, safety footwear, safety helmet, protective clothing, etc. C: Installing adequate emergency medical equipment such as AED with regular inspections, updates, and operations. D: Regularly performing internal and external industrial safety educational training sessions, as well as health, safety, and environment examinations, and the related deficiency shall be reflected in the distribution of performance bonuses. E: Offering employees’ health examinations annually, with additional examination items provided to operators tackling special tasks. (6) Other sustainable development activities : A: Enhancing the mental and physical well-being of the employees through the promotion of travel and leisure activities. B: The outdoor basketball court is converted into a dual-purpose indoor basketball and badminton court as a leisure sports venue for the employees.

52

3.3.6 Implementation of Ethical Corporate Management, Deviations from the Ethical Corporate Management Best Practice Principles for TWSE/GTSM Listed Companies, and Reasons Thereof

Evaluation Item State of Operations Gaps with the
Ethical Corporate
Management Best
Practice Principles
for TWSE/TPEx
Listed Companies
and Reasons
Yes No Summary
1. Stipulating policies and plans for
ethical corporate management
(1) Has the company established the
ethical corporate management
policies approved by the Board
of Directors and specified in its
rules and external documents the
ethical corporate management
policies, practices, as well as the
commitment of the board of
d i r e c t o r s a n d t h e s e n i o r
management to rigorous and
thorough implementation of such
policies?
(2) Has the company established a
risk assessment mechanism
against unethical conduct,
analyzed and assessed on a
regular basis business activities
within its business scope which
are at a higher risk of unethical
conduct , and estab li s hed
p r e v e n t i o n p r o g r a m s
accordingly, which shall at least
include the preventive measures
specified in Paragraph 2, Article
7 of the "Ethical Corporate
Management Best Practice
Principles for TWSE/GTSM
Listed Companies"?
(3) Has the company specified in its
p r ev e n t i o n p ro g r am s t h e
operating procedures, guidelines,
disciplinary measures for
violations, and a grievance
system, and implemented them		 �
�
�		 The company’s Board of Directors approved the
latest amendment of the Ethical Corporate
Management Best Practice Principle on March 13,
2020, with the corporate ethical management
policies specified in its contents, which shall be
implemented thoroughly in the internal management
a n d e x t e r n a l b u s i n e s s o p e r a t i o n s i n a
fair, just, and open manner.
The company’s ethical corporate management policy
is “Treating all the stakeholders with honesty and
integrity, promoting the transparency of the
company management; Internalize honesty and
integrity as the core value of the company and have
zero-tolerance for any unethical behaviors.”
The company’s Directors and the senior executives
above the Manager level have signed the Declaration
of Ethical Management.
The company’s senior executive level discussed the
progress of reconstruction, operational condition,
and future operational risk in the annually convened
operational management meeting.
The company’s Audit Office conducts audit
operations following the annual audit plan enacted
after the evaluation of risks every year, and no
unethical behaviors were discovered through the
audit for 2022.
The contents of the company’s Ethical Corporate
Management Best Practice Principle include the
prevention measures for every item stated under the
subparagraphs of paragraph 2, Article 7 of the
Ethical Corporate Management Best Practice
Principle for TWSE/GTSM Listed Companies. The
Audit Office audited the implementation of ethical
corporate management in 2022, and no unethical
behaviors were discovered.
The company actively observes the development of
the domestic and international ethical corporate
management and encourages the Directors,
Managers, and personnel to offer suggestions for the
improvement of the ethical corporate management
policy and implementation measures, enhancing the
e f f i c i e n c y o f t h e c o m p a n y ’s e t h i c a l
corporate management.
The contents of the company’s Ethical Corporate
Management Best Practice Principle include the
operational procedures, guidelines of behaviors,
disciplinary actions when violating the rules, and
the complaint systems (please refer to Attachment
1), which are implemented accordingly.

None
None
None

53

and reviewed the prevention
programs on a regular basis?		 To prevent any unethical behavior, the company
requires the employees to actively propose
explanations when they meet any ethical concerns
and conflicts of interest and follow the regulation of
the Ethical Corporate Management Best Practice
Principle.
The company has established a complaint channel
for employees or related personnel to blow the
whistle on any inappropriate business behaviors,
which shall be handled by the managerial executives
appointed by the company. There were no unethical
b e h a v i o r s d i s c o v e r e d o r a n y
whistle-blowing incidents in 2022.
The company’s Board of Directors enacted the latest
amended Ethical Corporate Management Best
Practice Principle at the meeting on March 13, 2020,
which was proposed to the shareholders’
meeting on June 19, 2020.
2. Implementing ethical corporate
management
(1) Has the Company evaluated
ethical records of its counterpart?
Does the contract signed by the
Company
and
its
trading
counterpart clearly provide terms
on ethical conduct?
(2) Has the company set up a
dedicated unit under the Board of
Directors to promote ethical
corporate
management
and
regularly (at least once a year)
report to the Board of Directors
the implementation of the ethical
corporate management policies
and prevention programs against
unethical conduct?
(3) Has the Company established
policies preventing conflicts of
interests,
provided
proper
channels of appeal, and enforced
these
policies
and
channels
accordingly?
(4) Has the company established
effective accounting systems and
internal
control
systems
to
implement
ethical
corporate
management and had its internal
audit unit, based on the results of
assessment
of
the
risk
of
involvement in unethical conduct,
devise relevant audit plans and
audit the compliance with the
prevention programs accordingly		 �
�
�
�		 Currently, before the company trade with a supplier,
the personnel in charge of the case will review the
supplier’s past transaction record or conduct Internet
searches on the supplier to ensure there is no record
of unethical behaviors, and it shall be clearly stated
in the agreement that the company may terminate or
cancel the agreement at any time if any unethical
behaviors are involved.
The company’s dedicated unit in charge of
promoting ethical corporate management is the
President Office, which is supervised by the
President, while the assigned Head of Corporate
Governance is required to report to the Board of
Directors annually concerning the implementation
progress of the previous year, and the Audit Office
shall audit the compliance of above-mentioned
systems. The most recent report to the Board of
Directors occurred at the Board meeting on March
14, 2023, where the report on the 2022 ethical
corporate implementation was conducted by the
Head of Corporate Governance, and no fraud
or unethical behaviors have occurred in 2022.
To prevent any unethical behavior, the company
requires the employees to actively propose
explanations when they meet any ethical concerns
and conflicts of interest and follow the regulation of
the Ethical Corporate Management Best Practice
Principle.
The company has established effective accounting
and internal control systems to ensure the
implementation of ethical corporate management,
and the Audit Office will audit the compliance of the
aforementioned systems following the annual
audit plan.		 None
None
None
None

54

or entrusted CPAs to conduct the
audit?
(5) Does the Company regularly
organize internal and external
training
courses
on
ethical
corporate management?		 � The company has enacted the Procedures for
Handling Material Inside Information and Ethical
Corporate Management Best Practice Principle,
which strictly prohibits insiders such as Directors or
employees to gain profit from trading the company’s
shares with information not available to the public.
The
company
has
amended
the
Corporate
Governance Principle in the Board of Directors’
meeting on March 18, 2022, with the introduction of
new control measures on the share trading by the
company insider when acknowledging the financial
report or relevant business contents of the company,
which includes (but not limited to) that the Directors
may not trade their shares within 30 days before the
publishment of annual financial report and 15 days
before the publishment of quarterly financial report.
The company also notifies the directors and all
employees of the above-mentioned stock trading
control measures by email on a quarterly basis.
In order to promote and publicize honest behavior
and prevent insider trading, the company regularly
conducts physical education and training every year.
The 2023 annual educational training was conducted
in form of a webinar to 198 of our employees on
January 19, 2023, with 30 minutes of Ethical
Corporate Management, Procedures for Processing
Material Inside Information, Self-Regulatory Rules
on
Disclosure
of
Merger
and
Acquisition
Information, Corporate Governance Principles,
Sustainable Development Principles, and sample
cases of the latest insider trading incident. The
related regulations are uploaded to the company’s
internal network and websites for employees to
reference at any time.
Training courses from external institutes for
corporate
ethical
management,
corporate
governance, and other related topics are provided in
2022, with 10 participants from the company
reaching a total duration of 90 training hours.
None
3.Status for enforcing whistle-
blowing systems in the Company
(1) Has the Company established
concrete whistle-blowing and
reward systems and accessible
whistle-blowing channels? Does
the Company assign a suitable
and dedicated individual for the
case reported by the whistle-
blower?
(2) Has the company established the
standard operating procedures
for investigating reported
misconduct, follow-up measures
t o b e a d o p t e d a f t e r t h e
investigation, and relevant
confidentiality mechanisms?
(3) Has the Company adopted		 �
�
�		 The company has established a channel for
complaints with a dedicated unit to handle the related
matters, following the process specified by terms
enacted in the Best Practice Principle.(Please refer to
Attachment 1)
The company’s Ethical Corporate Management Best
Practice Principle has specified the investigation
procedures and confidentiality mechanism. (Please
refer to Attachment 1)
The company’s Ethical Corporate Management Best		 None
None
None

55

protection against inappropriate
disciplinary actions against the
whistle-blower?		 Practice Principle has specified the investigation
procedures and confidentiality mechanism. (Please
refer to Attachment 1)
4. Improvement of information
disclosure
Has the Company disclosed the
contents of its best practices for
ethical corporate management and
the effectiveness of relevant
activities on its official website
or the Market Observation Post
System (MOPS)?		 � The company has disclosed its Ethical Corporate
Management Best Practice Principle on the
company’s official site and the MOPS (Market
Observation Post System).
The company has uploaded the annual report to the
company’s website and has set up a Sustainable
Development page to disclose information
related to ethical corporate management for
investors to reference.
None
5. Where the Company has stipulated its own best practices on ethical corporate management according to the Ethical Corporate
Management Best Practice Principles for TWSE/TPEx Listed Companies, please describe any gaps between the prescribed
best practices and actual activities taken by the Company : None.
6. Any important information to better understand the Company’s implementation of ethical corporate management (for example,
any review or amendment to best practices for ethical corporate management of the Company):
The company’s Board of Directors approved the latest amendment of the Ethical Corporate Management Best Practice
Principle on March 13, 2020�

  • 3.3.7 Access to the Corporate Governance Best Practice Principles and related regulations:

  • (1) The Company's related regulations are as follows:

Work Rules Rules and Procedures of Shareholders Meeting Rules for Election of Directors Rules Governing Financial and Business Matters Between this Corporation and its Affiliated Enterprises Rules and Procedures of Board of Director Meetings Codes of Ethical Conduct Self-Regulatory Rules on Disclosure of Merger and Acquisition Information Procedures for Handling Material Inside Information Audit Committee's Charter Remuneration Committee's Charter Ethical Corporate Management Best Practice Principles Sustainable Development Best Practice Principles Corporate Governance Best Practice Principles Environmental Safety and health management of procurement practices Performance Evaluation Regulation of the Board of Directors Risk Management Policy and Procedure

  • (2) The company enacted the Procedures for Handing Material Inside Information and Ethical Corporate Management Best Practice Principles, which strictly prohibited the Directors, employees, and other insiders to make profits by exploiting information not available in the market to trade the Company’s shares. In addition, to promote ethical behaviors and prevent insider trade, the company had been conducting educational training programs regularly. The 2023 annual educational training was conducted in form of a webinar to 198 of our employees on January 19, 2023, with 30 minutes of Ethical Corporate Management, Procedures for Processing Material Inside Information, SelfRegulatory Rules on Disclosure of Merger and Acquisition Information, Corporate Governance Principles, Sustainable Development Principles, and sample cases of the latest insider trading incident.

56

The related regulations are uploaded to the company’s internal network and websites for employees to reference at any time.

  • (3) Available on : SCI’s website : www.sci-pharmtech.com.tw

  • 3.3.8 Other important information on the state of corporate governance activities :

  • (1) MOPS : http://newmops.twse.com.tw

  • (2) SCI’s website : www.sci-pharmtech.com.tw

  • 3.3.9 Implementation of the internal control system:

  • (1) Statement of Internal Control System:Please refer to attachment 2.

  • (2) Appointed accountants audit internal control system, should disclose accountant audition result : Not Applicable.

  • 3.3.10 In the most recent year and as of the printing date of this annual report, where the Company and its internal personnel were imposed with penalties according to laws, or the Company imposed penalties on its internal personnel for violating the internal control system, or the results of the penalties may have a significant impact on shareholders' equity or securities prices, the content of the penalties, major deficiencies, and improvement shall be specified :

Object of
disposition		 The way of the
dispositions		 Major deficiency Improvement
SCI 1. NT$ 108,000 Fine
2. NT$ 32,000 Fine
3. NT$ 100,000 Fine		 1. On June 30, the Taoyuan City
Environmental Protection Bureau was
abolished Sampling of water discharge
outlet to detect chemical oxygen demand
Exceeding the standard and violating the
Water Pollution Prevention and Control
Law.
2. On November 19, the fire department
inspected and found that the reserved area
around the public dangerous goods
warehouse was not wide enough, and added
eaves and piled up debris, and the signboard
was not made of durable materials, which
violated the fire protection law.
3. At about 10:00 am on December 29, a
worker of Yuan Fu, a construction
company, accidentally fell from the second
floor of District 11B, causing head and leg
injuries. The Labor Inspection Office of
Taoyuan City Government visited the
factory the next day and found that it
violated the Occupational Safety and Health
Act.
1. Due to the blockage of the check valve of
the dosing machine equipment, the
discharge water failed to meet the standard.
The dosing machine equipment has been
repaired immediately, and the outsourced
inspection will be reported on July 28
Report and improvement completion report
sent to the Environmental Protection
Bureau. In addition, a fine of NTD 108,000
has been paid, and environmental protection
personnel have strengthened the inspection
and maintenance of equipment.
2. The signage has been installed and the
canopy is expected to be removed. In
addition, a fine of NT$32,000 has been
paid.
3. The drop point on the 2nd floor of Area 11B
has been immediately closed. At present, the
wounded has been treated. He has been
discharged from the hospital and is
undergoing follow-up rehabilitation. In
addition, a fine of NT$100,000 has been
paid, and the contractor's work safety
education and training will be strengthened.
  • 3.3.11 Major resolutions and state of implementation of the shareholders' meeting and the Board of Directors in the most recent year up to the printing date of this Annual Report:

57

� 1 � Major resolutions and state of implementation of the shareholders' meeting in 2022:

Ratification Items:

Propose 1

Proposal: Please ratify the 2021 business report and financial statements. Resolution: This proposal has been voted and ratified by the shareholders present in the meeting.

Propose 2

Proposal: Please ratify the 2021 earnings distribution. Resolution: This proposal has been voted and ratified by the shareholders present in the meeting.

Note: For the complete meeting records, meeting manual, and supplementary information of this meeting, visit MOPS at: http://mops.twse.com.tw

  • 2 � Review of the state of implementation of resolutions from the previous annual shareholders’ meeting: All resolutions from the 2022 annual shareholders’ meeting have been implemented accordingly.

  • 3 � List of resolutions of the Board meeting:

Date Content of Resolution Result of Resolution
1st Meeting of the
Board of Directors
in 2022
(March 18, 2022)		 Report Items :
1.Minutes and execution of tne last meeting.
2.Report of important financial and business.
3.Report of internal audit.
4.Report of ethical corporate management.
5.Report of the performance evaluation of the board
of directors.
Discussion Items :
1.The compensation for employees and directors.
2.The 2021 operation report and financial statements.
3.Distribution of retained earnings.
4.Statement of internal control system.
5.Convention of 2022 general shareholders’ meeting.
6.Amendment to Article of Incorporation.
7.Amendment to Sustainable Development Best
Practice Principles.
8.Amendment to SCI and Subsidiary’s Procedure for
Acquisition and Disposal of Assets.
9.Amendment to Corporate Governance Best Practice
Principles.
10.Director election.
11.Lifting ban on directors from running the same
business as SCI.
12.Apply for forward foreign exchange trading quota.		 All directors agreed to pass all proposals
without objection.
Opinions of independent directors: None.
Disposal of opinions of independent
directors : None.
2nd Meeting of the
Board of Directors
in 2022
(May 6, 2022)		 Report Items :
1.Minutes and execution of tne last meeting.
2.Report of Q1 financial report and business.
3.Report of internal audit.
Discussion Items :
1. The Company's consolidated financial statements
for the first quarter of 2022.
2. Accept shareholders' written nominations for
director candidates.
3. Apply to the bank for a comprehensive credit line.
4. Amendment to Rules of Procedure for Shareholders
Meetings.		 All directors agreed to pass all proposals
without objection.
Opinions of independent directors: None.
Disposal of opinions of independent
directors : None.

58

Date Content of Resolution Result of Resolution
3rd Meeting of the
Board of Directors
in 2022
(June 29, 2022)		 Election Items :
Election of chairman
Report Items :
1.Minutes and execution of tne last meeting.
2.Report of important financial and business.
3.Report of internal audit.
4.Report of communicate with stakeholders.
Discussion Items :
1.Greenhouse
gas
inventory
and
third-party
verification schedule and planning.
2.Amendment to the Remuneration rule for directors.
3.Adjust the remuneration of the chairman.
4.Appointment of general manager and remuneration.
5.Adjust the remuneration of the managers.
6.Donation to related party.		 Director Chen, Chia-Chun nominated
director Wong, Wei-chyun to serve as the
chairman of the current session, which was
seconded and approved by the chairman
after consultation with all attending
directors.
All directors agreed to pass all proposals
without objection.
(Director Wong, Wei-Chyun recused
themself from voting in Proposal 2&3 due
to the conflict of interest.)
(Director
Chou,
Wen-Chih
recused
themself from voting in Proposal 4 due to
the conflict of interest.)
(Directors Wong, Wei-Chyun and Chou,
Wen-Chih recused themself from voting in
Proposal 5 due to the conflict of interest.)
(Directors Wong, Wei-Chyun �Chen,
Shiang-Li�Chou, Wen-Chih and Chen,
Aurora recused themself from voting in
Proposal 6 due to the conflict of interest.)
Opinions of independent directors: None.
Disposal of opinions of independent
directors : None.
4th Meeting of the
Board of Directors
in 2022
(August 10, 2022)		 Report Items :
1.Minutes and execution of tne last meeting.
2.Report of important financial and business.
3.Report of director liability insurance.
4.Report of internal audit.
Discussion Items :
1.The Company's consolidated financial statements
for the second quarter of 2022.
2.Obtain right-of-use assets from related parties.
3.Amendment to Corporate Governance Best Practice
Principles.		 All directors agreed to pass all proposals
without objection.
Opinions of independent directors: None.
Disposal of opinions of independent
directors : None.
5th Meeting of the
Board of Directors
in 2022
(September 28,
2022)		 Report Items : None.
Discussion Items :
1.Subscribe to Framosa Co., Ltd. Company capital
increase case.
2.Signed the DBO contract for the waste water
treatment facility of Guanyin Plant with Framosa
Co., Ltd..
3.Apply to the bank for a comprehensive credit line.		 All directors agreed to pass all proposals
without objection.
Opinions of independent directors: None.
Disposal of opinions of independent
directors : None.
6th Meeting of the
Board of Directors
in 2022
(November 10,
2022)		 Report Item :
1.Minutes and execution of tne last meeting.
2.Report of important financial and business.
3.Report of internal audit.
4.Report of Greenhouse gas inventory and third-party
verification progress
Discussion Item :
1.The Company's consolidated financial statements
for the third quarter of 2022.
2.Amendment to internal major information
processing procedures.
3.Amendment to Rules and Procedures of Board of
Director Meetings.
4.Theindependent evaluationofCPAs andfees.		 All directors agreed to pass all proposals
without objection.
Opinions of independent directors: None.
Disposal of opinions of independent
directors : None.

59

Date Content of Resolution Result of Resolution
5.Extension of bank credit lines.
7th Meeting of the
Board of Directors
in 2022
(December 26,
2022)		 Report Items :
1.Minutes and execution of tne last meeting.
2.Report of important financial and business.
3.Report of internal audit.
4.Report of Manager Succession Planning
5.Report of ESG implementation.
6.Report of Risk Management Policy�Procedure
and implementation.
7.Report of Information security management and
implementation.
8.Report of Intellectual Property Management Plan
and implementation.
Discussion Items :
1.2022 Operational Review and 2023Budget.
( Including Guanyin factory budget supplement)
2.Finalize the internal audit plan for 2023.
3.Approved manager's the Remuneration.
4.Amendment to policies, systems, standards and
structures of managers' performance goals and
salary remuneration, as well as the distribution
method of performance bonuses.
5.Amendment to Corporate Governance Best Practice
Principles.
6.Amendment to Self-Regulatory Rules on
Disclosure of Merger and Acquisition Information.
7.Apply to the bank for a comprehensive credit line.		 All directors agreed to pass all proposals
without objection.
(Directors Wong, Wei-Chyun and Chou,
Wen-Chih recused themself from voting in
Proposal 3 due to the conflict of interest.)
Opinions of independent directors: None.
Disposal of opinions of independent
directors : None.
1st Meeting of the
Board of Directors
in 2023
(March 14, 2023)		 Report Items :
1.Minutes and execution of tne last meeting.
2.Report of important financial and business.
3.Report of internal audit.
4.Report of ethical corporate management.
5.Report of the performance evaluation of the board
of directors.
6.Report of Greenhouse gas inventory and third-party
verification progress
Discussion Items :
1.The compensation for employees and directors.
2.The 2022operation report and financial statements.
3.Distribution of retained earnings.
4.Turn surplus and employee bonus into capital
increase and issue new shares.
5.Statement of internal control system.
6.Convention of 2023 general shareholders’ meeting.
7.Amendment to Article of Incorporation.
8.Amendment to Corporate Governance Best Practice
Principles.
9.Amendment to Rules Governing Financial and
Business Matters Between this Corporation and its
Affiliated Enterprises.
10.Amendment to Sustainable Development Best
Practice Principles.
11.Intending to replace the visa accountant.
12.General principles for proposed pre-approval of
non-assured service policies.		 All directors agreed to pass all proposals
without objection.
Opinions of independent directors: None.
Disposal of opinions of independent
directors : None.
2st Meeting of the
Board of Directors
in 2023
(May 12, 2023)		 Report Items :
1.Minutes and execution of tne last meeting.
2.Report of important financial and business.
3.Report of Greenhouse gas inventory and third-party

60

Date Content of Resolution Result of Resolution
verification progress
4.Report of internal audit.
Discussion Items :
1. The Company's consolidated financial statements
for the first quarter of 2023.
2. Revised Risk Management Policies and
Procedures.
3. Apply for a bank line of credit.
4. Salary structure adjustment.		 All directors agreed to pass all proposals
without objection.
Opinions of independent directors: None.
Disposal of opinions of independent
directors : None.

� 4 � List of proposals of the Audit Committee :

Date Content of Resolution Result of Resolution
1st Meeting of the
Audit Committee
in 2022
(March 18, 2022)		 Discussion Items :
1. The 2022 operation report and financial statements.
2. Distribution of retained earnings.
3. Statement of internal control system.
4. Amendment to SCI and Subsidiary’s Procedure for
Acquisition and Disposal of Assets.		 All members agreed to pass all proposals
without objection.
Opinions of members : None.
Disposal of opinions of Audit Committee :
None.
2nd Meeting of the
Audit Committee
in 2022
(May 6, 2022)		 Discussion Items :
The Company's consolidated financial statements
for the first quarter of 2022.		 All members agreed to pass this proposals
without objection.
Opinions of members : None.
Disposal of opinions of Audit Committee :
None.
3rd Meeting of the
Audit Committee
in 2022
(June 29, 2022)		 Election Items :
Election of the convener of the audit committee.		 All the members present agreed to approve
Tu, Te-cheng as the convener of the
committee and chairman of the meeting
without objection.
4th Meeting of the
Audit Committee
in 2022
(August 10, 2022)		 Discussion Item :
1.The Company's consolidated financial statements
for the second quarter of 2022.
2.Obtain right-of-use assets from related parties.		 All members agreed to pass all proposals
without objection.
Opinions of members : None.
Disposal of opinions of Audit Committee :
None.
5th Meeting of the
Audit Committee
in 2022
(September 28,
2022)		 Discussion Item :
1.Subscribe to Framosa Co., Ltd. Company capital
increase case.
2.Signed the DBO contract for the waste water
treatment facility of Guanyin Plant with Framosa
Co., Ltd..		 All members agreed to pass all proposals
without objection.
Opinions of members : None.
Disposal of opinions of Audit Committee :
None.
6th Meeting of the
Audit Committee
in 2022
(November 10,
2022)		 Discussion Item :
1.The Company's consolidated financial statements
for the third quarter of 2022.
2.The independent evaluation of CPAs and fees.		 All members agreed to pass all proposals
without objection.
Opinions of members : None.
Disposal of opinions of Audit Committee :
None.
7th Meeting of the
Audit Committee
in 2022
(December 26,
2022)		 Discussion Item :
Finalize the internal audit plan for 2023.		 All members agreed to pass this proposals
without objection.
Opinions of members : None.
Disposal of opinions of Audit Committee :

61

Date Content of Resolution Result of Resolution
None.
1st Meeting of the
Audit Committee
in 2023.
(March 14, 2023)		 Discussion Items :
1. The 2023 operation report and financial statements.
2. Distribution of retained earnings.
3.Turn surplus and employee bonus into capital
increase and issue new shares.
4.Statement of internal control system.
5. Intending to replace the visa accountant.
6. General principles for proposed pre-approval of
non-assured service policies.		 All members agreed to pass all proposals
without objection.
Opinions of members : None.
Disposal of opinions of Audit Committee :
None.
2st Meeting of the
Audit Committee
in 2023.
(May 12, 2023)		 Discussion Items :
1. The Company's consolidated financial statements
for the first quarter of 2023.
2. Revised Risk Management Policies and
Procedures.		 All members agreed to pass all proposals
without objection.
Opinions of members : None.
Disposal of opinions of Audit Committee :
None.

� 5 � List of proposals of the remuneration committee :

Date Content of Resolution Result of Resolution
1st Meeting of the
Remuneration
Committee in 2022
(March 18, 2022)		 Discussion Item :
The compensation for employees and directors in
2021.		 All members agreed to pass this proposals
without objection.
Opinions of members : None.
Disposal of opinions of Remuneration
Committee : None.
2nd Meeting of the
Remuneration
Committee in 2022
(June 29, 2022)		 Election Items :
Election of the convener of the remuneration
committee.
Discussion Item :
1.Amendment to the Remuneration rule for directors.
2.Adjust the remuneration of the chairman.
3.Appointment of general manager and remuneration.
4.Adjust the remuneration of the managers.		 All the members present agreed to approve
Tu, Te-cheng as the convener of the
committee and chairman of the meeting
without objection.
All members agreed to pass all proposals
without objection.
Opinions of members : None.
Disposal of opinions of Remuneration
Committee : None
3th Meeting of the
Remuneration
Committee in 2022
(December 26, 2022)		 Discussion Item :
1.Approved manager's the Remuneration.
2.Amendment to policies, systems, standards and
structures of managers' performance goals and
salary remuneration, as well as the distribution
method of performance bonuses.		 All members agreed to pass all proposals
without objection.
Opinions of members : None.
Disposal of opinions of Remuneration
Committee : None.
1st Meeting of the
Remuneration
Committee in 2023
(March 14, 2023)		 Discussion Item :
The compensation for employees and directors in
2022.		 All members agreed to pass this proposals
without objection.
Opinions of members : None.
Disposal of opinions of Remuneration
Committee : None.
2st Meeting of the
Remuneration
Committee in 2023
(May 12, 2023)		 Discussion Item :
Salary structure adjustment.		 All members agreed to pass this proposals
without objection.

62

Date Content of Resolution Result of Resolution
Opinions of members : None.
Disposal of opinions of Remuneration
Committee : None.

  • 3.3.12 Any dissenting opinions on record or stated in a written statement made by Directors regarding key resolutions of the Directors’ Meeting in the most recent year up to the publication date of this report: None.

  • 3.3.13 Any resignation or dismissal of company personnel related to the financial report (such as chairman, directors, president, principle accounting officer, principle financial officer, internal audit officer and principle research and development officer) in the most recent fiscal year up to the publication date of this report: None.

3.4 Information on the CPA’s fees:

3.4.1 The CPA’s fees:

Unit: NT$ Thousand

Name of the
accounting
firm
KPMG		 Name of CPA
Daisy Kuo
Swimming Hsu		 CPA’s Audit
period
Jan. 1, 2022 to
Dec. 31, 2022		 Audit Fee
1,840,000		 Non- audit
Fee
410,000		 Total
2,250,000		 Note

Non- audit Fee

Non- audit Fee Non- audit Fee Non- audit Fee Non- audit Fee Non- audit Fee
Tax Compliance
Audit		 Business
Registration		 Recapitalization
of retained
earnings		 Others Subtotal
410000 0 0 0 410000
, ,

  • 3.4.2 Where accounting firm was replaced and the accounting fee paid for the year was less than that of the previous year : Not Applicable.

  • 3.4.3 The audit fee decreased by more than 10% compared with the previous year : Not Applicable.

  • 3.4.4 The Company implements regular evaluate the independence and compliance every year :

After the self-evaluations conducted by the CPAs and the issuance of their Impartial and Independent Declaration, followed by the preliminary evaluation by the Manager level, the overall evaluation results were eventually submitted to the Audit Committee and Board of Directors for

63

re-evaluation and resolution, the CPAs’ Independency evaluation was passed on November 10, 2022.

Included evaluation Items:

The CPAs, the spouses of CPAs, and the minor children of CPAs having no investment or sharing a financial interest with the company, and the CPAs, the spouses of CPAs, and the minor children of CPAs having no financial debt with the company, etc.

  • 3.4.5 The board of directors of the company expects to refer to the audit quality indicators (AQIs) when assessing the independence and suitability of certified accountants once a year starting this year, and disclose the assessment procedures on the company website.

3.5 Replacement of CPA information :

3.5.1 About the former accountant �

Replacement date March 14, 2023 March 14, 2023 March 14, 2023 March 14, 2023 March 14, 2023
Replacement reasons and
KPMG internal work adjustment
instructions


Party
Condition		 Accountant Appointed person
Indicates
that
the
appointing
person
or
accountant
has

Voluntary termination of		 �
terminated or refused to

appointment
accept the appointment
Not accepting
(continuing)appointment
Opinions and reasons for



None
audit reports other than
unqualified
opinions
issued within the latest
two years
Disagreement with the
issuer		 Yes Accounting Principles or Practices
Disclosure of financial reports
Check scope or steps
Other
No �
Illustrate

64

  1. The previous accountant had informed the company that it lacked a sound internal control system, making its financial reports unreliable: None. 2. The previous accountant had informed the company that it could not rely on the company's statement or was unwilling to have any connection with the company's financial report: None. Other disclosures 3. The previous accountant had notified the company that the scope of the audit must be expanded, or the information indicated that expanding the scope of the audit may damage the credibility of the previously issued or upcoming financial reports, but the former accountant did not expand the scope of the audit due to the change of accountants or other reasons : None. 4. The former accountant had informed the company that based on the information collected, the credibility of the financial report issued or to be issued may be damaged, but due to the change of accountant or other reasons, the former accountant did not deal with this matter: None.

3.5.2 About Successor Accountants �

Firm name KPMG
Accountant name Hsin, Yu-Ting
Date of appointment March 14, 2023
Consultation matters and results of
accounting treatment methods or
accounting principles for specific
transactions and possible issuance of
financial reports before appointment.



None
Written opinion of the successor
accountant on matters with different
opinions
from
the
predecessor
accountant.


None

  • 3.5.3 Reply letter from the former accountant to item 1 and item 3 of Item 6 of Article 10 of this Standard: None.

  • 3.6 If the Company's Chairman, President, or managers responsible for financial and accounting affairs have held any position in the accounting firm or its affiliates during the past year, all relevant information should be disclosed : None.

  • 3.7 Equity transfer or changes to equity pledge of directors, managerial officers, or shareholders holding more than 10% of company shares in the most recent year to the publication date of this report :

65

3.7.1

List of changes to the equity of directors, managerial officers, and major shareholders

Unit: Shares

Unit: Shares Unit: Shares
Title Name 2022 As of April 21,2023
Holding
Increase
(Decrease)		 Pledged
Holding
Increase
(Decrease)		 Pledged
Holding
Holding
Increase
Increase
(Decrease)
(Decrease)
Director & more than 10%
shareholding		 Mercuries &
Associates Holding,		 0 0
0 0
Director
Hung-Chin Wu		 0 0
0 0
Director Chia-Chun Jay Chen 0 0
0 0
Director Te-cheng Tu 0 0
0 0
President Wei-Chyun Wong 0 0
0 0
BA Vice President Michele Seah 0 0
0 0
Plant Manager Wen-Chih Chou 0 0
0 0
R&D Vice President Jinun Ban Yeh 0 0
0 0
PDM/EH Manager Ricky Liu 0 0
0 0
EN Manager Chung-Lung Su 0 0
0 0
R&D Manager Wei-Song Yin 0 0
0 0
QA Manager Vincent Chiang 0 0
0 0
F&D Manager
Deiter Yang (9,000) 0 0 0
BA Manager Nancy Lee 0 0
(3,000) 0
QC Manager Bo-Fong Chen 0 0
0 0

3.7.2 Shares Trading with Related Parties : None.

3.7.3 Shares Pledge with Related Parties : None.

66

3.8 Relationship information, if among the 10 largest shareholders any one is a related party, or is the spouse or a relative within the second degree :

Relationship information between the 10 largest shareholders

Name Shares held by
the person
Shares
%		 Shares held by
the person
Shares
%		 Shares held
by spouse or
minor
children
Shares
%		 Shares held
by spouse or
minor
children
Shares
%		 Shares held
in the name
of other
persons
Shares
%		 Shares held
in the name
of other
persons
Shares
%		 Title or name and
relationships of the 10
largest shareholders
where they are related
parties, spouses, or
relatives within the
second degree of kinship
Title
(or name)
Relationship		 Title or name and
relationships of the 10
largest shareholders
where they are related
parties, spouses, or
relatives within the
second degree of kinship
Title
(or name)
Relationship		 Note
Mercuries &
Associates
Holding, Ltd.
Institutional
representative�
Chen, Shiang-Li		 30,283,358
31.75% None None None None Mercury Fu Bao Note2 (A)
Mercuries & Associates Chairman
Director
The first degree
of kinship.
Holding, Ltd
None None None None None None
Mercury Fu Bao
Shanglin-
Hsu, Chang-Hui
Li-Wei Zhan 6,060,000 6.35% None None None None None None
CTBC Bank is
entrusted to SCI
PHARMTECH,
INC. Employee
Shareholding
Association Trust
Property Special
Account.		 2,554,364 2.68% None None None None None None
Mercury Fu Bao
Co., Ltd.		 2,317,170 2.43% None None None None Mercuries & Associates
Holding, Ltd		 Note2 (B)
Fubon Life
Insurance Co., Ltd.		 1,545,000 1.62% None None None None None None
Shuren Investment
Co., Ltd.
representative�
Wong, Chau-Shi		 1,129,000 1.18% None None None None Wong, Wei-Chyun The first degree
of kinship.
Standard Chartered
Managed Standard
Chartered-
External Account
Manager JP Morgan		 1,109,527 1.16% None None None None None None
Chen, Chun-Fang 985,808 1.03% None None None None None None
JP Morgan Chase
Bank Custody JP
Morgan Securities
Co., Ltd. special
account		 898,000 0.94% None None None None None None
Chou,Yong-Cong 758,000 0.79% None None None None None None

Note 1: The 10 largest shareholders shall be listed. For corporate shareholders, the title of the corporate shareholder as well as the name of the representative shall be indicated.

Note 2: A.The investee company evaluated by the equity method for the enterprise.

B. It is an investor who evaluates the investment of the company by the equity method.

3.9 Number of shares held and percentage of stake of investment in other by the companies company, the company’s director, managerial officer, or an entity directly or indirectly controlled by the company, and calculations for the consolidated shareholding percentage of the above categories : Not Applicable.

67

� 4 Capital Overview

68

4.1 Capital and Share

4.1.1 Source of Captial

Month/ Year
September 1987
January 1988
August 1990
February 1991
September 1991
January 1993
November 1995
April 1996
April 2002
January 2003
June 2003
July 2004
June 2008
July 2009
November 2009
March 2010
July 2010
August 2010
November 2010
March 2011
July 2011
December 2011
March 2012
November 2012
March 2013
August 2013
September 2013
March 2014
August 2014		 Issuance
Price Per
Share
(NT$)
100
100
100
100
100
100
100
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
Authorized Capital
Shares
( thousands)
Amount (NT$ thousands)
495
49,500
495
49,500
800
80,000
1,200
120,000
2,000
200,000
2,000
200,000
1,200
120,000
20,000
200,000
30,000
300,000
30,000
300,000
39,600
396,000
39,600
396,000
39,600
396,000
60,000
600,000
60,000
600,000
60,000
600,000
60,000
600,000
60,000
600,000
60,000
600,000
60,000
600,000
60,000
600,000
60,000
600,000
60,000
600,000
60,000
600,000
60,000
600,000
90,000
900,000
90,000
900,000
90,000
900,000
90,000
900,000		 Paid-in Capital
Shares
( thousands)
Amount (NT$ thousands)
148
14,801
495
49,500
800
80,000
1,200
120,000
1,600
160,000
2,000
200,000
1,200
120,000
20,000
200,000
22,800
228,000
26,800
268,000
30,129
301,290
32,511
325,107
36,162
361,617
40,121
401,212
40,351
403,512
40,462
404,622
44,871
448,706
44,991
449,906
45,235
452,351
45,267
452,671
49,030
490,298
49,166
491,662
49,191
491,913
49,282
492,823
49,317
493,173
53,700
537,001
65,700
657,001
66,206
662,061
69,690
696,905		 Note
Sources of Capital
Capital Increased by
Assets Other than Cash Other
Funded
�
�
Issuance of common stock
�
�
Issuance of common stock
�
�
Issuance of common stock
�
�
Issuance of common stock
�
�
Issuance of common stock
�
�
Capital reduction
�
�
Issuance of common stock
�
Note1
Issuance of common stock &
Recapitalization of retained
earnings
�
Note2
Issuance of common stock
�
Note3
Recapitalization of
retained earnings
�
Note4
Recapitalization of
retained earnings
�
Note5
Recapitalization of retained
earnings & employee bonus
�
Note6
Recapitalization of retained
earnings & employee bonus
�
Note7
Issuance of stock from exercise
of employee stock option
�
Note8
Issuance of stock from exercise
of employee stock option
�
Note9
Issuance of stock from exercise
of employee stock option
�
Note10
Issuance of stock from exercise
of employee stock option
�
Note11
Issuance of stock from exercise
of employee stock option
�
Note12
Issuance of stock from exercise
of employee stock option
�
Note13
Recapitalization of retained
earnings & employee bonus
�
Note14
Issuance of stock from exercise
of employee stock option
�
Note15
Issuance of stock from exercise
of employee stock option
�
Note16
Issuance of stock from exercise
of employee stock option
�
Note17
Issuance of stock from exercise
of employee stock option
�
Note18
Recapitalization of retained
earnings & employee bonus
�
Note19
Issuance of common stock
�
Note20
Restricted employee stocks &
Convertible Bond
�
Note21
Recapitalization of retained
earnings & employee bonus /
Cancellation of restricted employee
stocksfora capital reduction
�
Note22

69

January 2015
August 2015
December 2015
April 2016
September 2016
September 2021		 10
10
10
10
10
10		 90,000
90,000
90,000
90,000
90,000
120,000		 900,000
900,000
900,000
900,000
900,000
1,200,000		 69,652
73,298
75,121
76,289
79,485
95,382		 696,525
732,981
751,213
762,896
794,853
953,824		 Cancellation of restricted employee
stocks for a capital reduction
Convertible Bond
Convertible Bond
Convertible Bond
Convertible Bond
Recapitalization of
retained earnings
�
�
�
�
�
�		 Note23
Note24
Note25
Note26
Note27
Note28

Note 1 � Approved by the MOEA Ching-(85)-Shou-Tzu Document No. 104652 of April 12, 1996. Note 2 � Approved by the MOEA Ching-(91)-Shou-Tzu Document No. 09101187210 of May 29, 2002. Note 3 � Approved by the MOF Tai-Cai-Zheng-Yi-Tzu Document No. 09100168605 of January 7, 1993. Note 4 � Approved by the MOF Tai-Cai-Zheng-Yi-Tzu Document No. 0920123426 of May 28, 1993. Note 5 � Approved by the FSC Jin-Guan-Zheng-Yi-Tzu Document No. 0930130746 of July 12, 2004. Note 6 � Approved by the FSC Jin-Guan-Zheng-Yi-Tzu Document No. 0970032412 of June 30, 2008. Note 7 � Approved by the FSC Jin-Guan-Zheng-Fa-Tzu Document No. 0980033622 of July 7, 2009. Note 8 � Approved by the MOEA Ching-Shou-Chung-Tzu Document No. 09833408300 of November 10, 2009. Note 9 � Approved by the MOEA Ching-Shou-Chung-Tzu Document No. 09931817460 of March 25, 2010. Note 10 � Approved by the FSC Jin-Guan-Zheng-Fa-Tzu Document No. 0990035314 of July 8, 2010. Note 11 � Approved by the MOEA Ching-Shou-Chung-Tzu Document No. 09932503770 of August 26, 2010. Note 12 � Approved by the MOEA Ching-Shou-Chung-Tzu Document No. 09932819330 of November 12, 2010. Note 13 � Approved by the MOEA Ching-Shou-Chung-Tzu Document No. 10031763320 of March 18, 2021. Note 14 � Approved by the FSC Jin-Guan-Zheng-Fa-Tzu Document No. 1000031659 of July 8, 2011. Note 15 � Approved by the MOEA Ching-Shou-Chung-Tzu Document No. 10032829090 of September 2, 2011. Note 16 � Approved by the MOEA Ching-Shou-Chung-Tzu Document No. 10131774560 of March 19, 2012. Note 17 � Approved by the MOEA Ching-Shou-Chung-Tzu Document No. 10132725810 of November 16, 2012. Note 18 � Approved by the MOEA Ching-Shou-Chung-Tzu Document No. 10233283510 of March 20, 2013. Note 19 � Approved by the FSC Jin-Guan-Zheng-Fa-Tzu Document No. 1020025591 of July 2, 2013. Note 20 � Approved by the MOEA Ching-Shou-Shang-Tzu Document No. 10201196540 of September 25, 2013. Note 21 � Approved by the MOEA Ching-Shou-Shang-Tzu Document No. 10301046450 of March 27, 2014. Note 22 � Approved by the MOEA Ching-Shou-Shang-Tzu Document No. 10301172650 of August 27, 2014. Note 23 � Approved by the MOEA Ching-Shou-Shang-Tzu Document No. 10401008270 of January 15, 2015. Note 24 � Approved by the MOEA Ching-Shou-Shang-Tzu Document No. 10401148370 of August 19, 2015. Note 25 � Approved by the MOEA Ching-Shou-Shang-Tzu Document No. 10401250530 of November 30, 2015. Note 26 � Approved by the MOEA Ching-Shou-Shang-Tzu Document No. 10501075640 of April 22, 2016. Note 27 � Approved by the MOEA Ching-Shou-Shang-Tzu Document No. 10501215700 of September 2, 2016. Note 28 � Approved by the MOEA Ching-Shou-Shang-Tzu Document No. 11001163710 of September 15, 2021.

70

4.1.2 Category of shares

April 21, 2023 Unit: Share

April 21,2023 Unit: Share
Category
of shares
Registered
common
shares		 Authorized Capital Stock Note
Outstanding stock of a listed company
Outstanding
Shares
95,382,372		 Unissued Shares
24,617,628		 Total
120,000,000

4.1.3 Shareholder Structure

4.1.3 Shareholder Structure 4.1.3 Shareholder Structure 4.1.3 Shareholder Structure 4.1.3 Shareholder Structure 4.1.3 Shareholder Structure 4.1.3 Shareholder Structure 4.1.3 Shareholder Structure
April 21,2023 Unit: Share
Shareholder
Structure
Quantity
Number of Persons
Shareholding
Shareholding ratio		 Government
al Institution		 Financial
Institution		 Other Legal
Persons		 Natural Person Foreign
Institutions and
Foreign
Individuals		 Total
0 4 215 25,109 40 25,368
0 1,621,000 38,548,940 43,812,860 11,399,572 95,382,372
0 1.7% 40.41% 45.93% 11.96% 100.00%

4.1.4 Shareholding Distribution Status

1. Common shares :

April 21, 2023 Unit: Share

Shareholding range Number of
Shareholders		 Shareholding %
1
�
999		 17,379 914,650 0.96%
1,000
�
5,000
5,001
�
10,000
10,001
�
15,000		 6,401 12,192,219 12.78%
760 5,693,873 5.97%
314 3,950,190 4.14%
15,001
�
20,000		 156 2,802,239 2.94%
20,001
�
30,000
30,001
�
40,000
40,001
�
50,000
50,001
�
100,000
100,001
�
200,000
200,001
�
400,000
400,001
�
600,000
600,001
�
800,000
800,001
�
1,000,000
1,000,001
��
Total		 136 3,426,102 3.59%
61 2,155,867 2.26%
35 1,601,062 1.68%
69 4,889,987 5.13%
29 3,925,911 4.12%
13 3,350,631 3.51%
4 2,098,946 2.20%
2 1,480,200 1.55%
2 1,883,808 1.97%
7 45,016,687 47.20%
25,368 95,382,372 100.00%
  1. Preferred stock : No preferred stock issued.

71

4.1.5 List of major shareholders :

  • April 21, 2023 Unit: Share
Shares
Shareholding %
Name of major shareholder
Mercuries & Associates Holding, Ltd. 30,283,358 31.75%
Institutional representative�Chen, Shiang-Li
Li-Wei Zhan 6,060,000 6.35%
CTBC Bank is entrusted to SCI PHARMTECH, INC.
Employee Shareholding Association Trust Property Special
2,572,632		 2.70%
Account.
Mercury Fu Bao Co., Ltd. 2,317,170 2.43%
Fubon Life Insurance Co., Ltd. 1,545,000 1.62%
Shuren Investment Co., Ltd.
1,129,000 1.18%
representative�Wong, Chau-Shi
Standard Chartered Managed Standard Chartered-
1,109,527 1.16%
External Account Manager JP Morgan
Chen, Chun-Fang 985,808 1.03%
JP Morgan Chase Bank Custody JP Morgan Securities Co.,
898,000 0.94%
Ltd. special account
Chou, Yong-Cong 758,000 0.79%

4.1.6 Market Price, Net Value, Eearings and Dividends per Share in the last two fiscal years :


Item		 Year Year 2021 2022
As of March
31,2023
Market price
per share		 Max 107.5 105.5 123.0
Min 75.9 78.1 94.5
Average 86.54 86.33 105.98
Net value per
share		 BeforeDistribution 34.81 37.70 38.68
After Distribution(Note 1) � � �
Earning Per
Share
(Note 2)		 Weighted average
(thousand shares)		 95,382 95,382
95,382
EPS beforeretrospective 0.58 3.24 0.67
EPS after retrospective 0.58 � �
Dividend per
share		 Cash Dividend � 0.25 �
Stock
Dividend		 Stock Dividend from
RetainedEarnings		 � 1.25
�
Stock Dividend from
Capital Reserve		 � �
�
Cumulative Un-paid Dividend
(Note 3)		 � �
�
Return on
investmen t
analysis		 Price-Earnings(P/E)Ratio(Note 4) 149.21 29.87 �
Price-Dividend(P/D)Ratio(Note 5) NA 57.55 �
Cash dividendyield(Note 6) NA 0.003 �

Note 1 : The distribution is filled in based on the resolution of the Board of Directors or the shareholders’ meeting of the following year.

Note 2 : If there retroactive adjustments are required in the event of share grants or other reasons , the EPS before and after the adjustment shall be listed.

Note 3 : If the conditions of issuing the equity securities provide that the unpaid dividend of the year may be accumulated to the years with earnings, the accumulated unpaid dividend until the present year shall be disclosed separately.

Note 4 : P/E = Average closing price for each share of the year / Earnings per share

Note 5 : P/D = Average closing price for each share of the year / (Cash dividend and stock dividend per share) Note 6 : Cash dividend yield = Cash dividend / Average closing price per share of the year

Note 7 : The earnings distribution of 2022 was proposed to be resolved in the Shareholders' meeting.

72

4.1.7 Dividend Policy and Implementation Status

1. Dividend Policy:

Article 23 of the Articles of Incorporation �

If there is any surplus in the corporation’s general annual report, such surplus should be firstly used for paying various withholding taxes and covering the accumulated losses, and then 10% of such surplus should be withdrawn and deposited to serve as the statutory surplus reserve. In addition, a special surplus reserve shall be set aside in accordance with the provisions of the “Securities and Exchange Law”. If there are still any surplus profits after the remaining surplus have been used for distributing and paying dividends, the board of directors shall formulate an allocation proposal in accordance with the corporation's Dividend Policy, and submit it to the shareholders' meeting for a resolution to distribute bonuses to shareholders.

Article 23-1 of the Articles of Incorporation ��

The Dividend Policy of the corporation is stipulated according to the provisions of the Company Act and the articles of incorporation and will be determined depending on the factors such as the corporation's capital and financial structure, operating conditions, surplus profits, and its industry peculiarities and cycles. All the allocation will be conducted based on conservatism principle. The surplus profits shall be allocated in accordance with the provisions of the preceding article; what’s more, the allocation of shareholders' dividends/bonuses in the current year should not be less than 50% of the after-tax surplus of the current year in principle, given that no special circumstances should be taken into account. The allocation of cash dividends will not be less than 10% of the total amount of dividends distributed.

2 . Dividend payout plans proposed during the most recent shareholder's meeting :

Table of 2022 Earnings Distribution

Unit: NT$

Unit: NT$
Item Amount Note
Subtotal Total
Undistributed earnings at the beginning of theperiod
Actuarial gains and losses included retained earning
Changes in affiliated enterprises and joint
ventures recognized using the equity method
Undistributed earnings adjusted
Add: Profit
Minus: Legal reserve appropriated
Minus: Reversal of special reserve
Earnings available for distribution
Distribution Item�
Cash dividend
Stock dividend
Undistributed earnings at the end of the period		 308,780,072
(30,560,255)
(5,797,691)		 586,593,414
(3,072,046)
(105,473)
583,415,895		 NT$0.25
NT$1.25
272,422,126
855,838,021
(23,845,593)
(119,227,970)
712,764,458

73

  1. Explanation of expected major changes in dividend policy:

The company does not major changes in dividend policy.

  • 4.1.8 Impact to the company's business performance and earnings per share (EPS) for free

allotment of shares proposed by this shareholder's meeting :

Sufficient funds need to be reserved for reconstruction, compensation, construction of new factories and reinvestment needs. Although the non-compensated accompanying shares will dilute the earnings per share, it is still a necessary measure. The company will strive to improve operating performance and mitigate the impact on earnings per share dilution.

  • 4.1.9 Remuneration for employees and directors :

  • The information regarding the remuneration of the employees and Directors is specified

in the company’s Articles of Incorporation are as the following:

  • If the company gains profits within the fiscal year, it shall allocate part of it for the remuneration for employees and Directors. The profits allocated as the remuneration for employees shall be no less than 3%, and the profits allocated as the remuneration for Directors shall be no more than 2%. However, if the company had accumulated loss, the amount to offset such loss shall be allocated in advance.

  • If the basis for estimating the amount of the employees’ and Directors’ remuneration and calculating the number of shares to be distributed as employee remuneration, as well as the actual distributed amount, is different from the estimated figure in the current period, the CPAs will conduct the following process:

The estimated employees' and Directors’ remuneration payable in 2021 was allocated under the Article of Incorporation and the regulation related to remuneration, which was from utilizing the net income before tax without the deduction of the employees’ and Directors’ remuneration multiplied by the percentage of employees’ and Directors’ remuneration specified in the Article of Incorporation as the basis for distribution, and it was listed as the operating costs or the operating expense of that specific period. If the Board of Directors decided to distribute employees’ remuneration via shares, the numbers of shares of the remuneration are to be calculated with the closing price of the common shares on the day before the resolution of the Board of Directors was made.

  1. The status of remuneration distribution approved by the Board of Directors:

  2. (1) The approvals of the Board of Directors’ meeting on March 14, 2023, are as follows:

  3. Employee remuneration : NT$ 26,091,471 Director’s remuneration : NT$ 4,250,000

  4. (2) The amount of the employees’ remuneration distributed through shares and its proportion in the after-tax net income stated in the individual or independent financial reports and the total employee compensation of the current period:

  5. The amount of employee remuneration distributed by stock is NT$ 22,177,685, accounting for 85% of the total amount of employee remuneration. The amount of employee remuneration distributed by stock accounted for 7.18% of the net profit after tax of individual or individual financial reports in the current period.

74

  1. The distribution of employees' and Directors’ remuneration in 2021:

  2. (1) The distribution of employee's and Directors’ remuneration for the specific year is as follows:

  3. Employee remuneration : NT$ 6,424,000

  4. Director’s remuneration : NT$ 876,000

  5. (2) The discrepancy between the actual and estimated amount of the employees’ and Directors’ remuneration shall be listed with the reason and troubleshooting progress specified: No discrepancy was found.

  6. 4.1.10 Repurchase by the Company of its own shares : None.

4.2 Status of corporate bond : None.

4.3 Status of preferred share: None.

4.4 Status of global depositary receipt: None.

  • 4.5 Status of employee stock option and restricted employee share : None.

  • 4.6 Status of Mergers, Acquisitions, and Spin-Offs : None.

4.7 Financing plans and implementation status : None.

75

� 5 Operational Highlights

76

5.1 Business Activities

  • 5.1.1 Business scope :

  • Primary business operated by the Company :

  • (1) Research and development, production, and sales of active pharmaceutical ingredients (API), API intermediates, and specialized and fine chemicals.

    • (2) Supporting for Quotation, bidding, and distribution of products from domestic and overseas manufacturers as a local partner.

    • (3) Represent for research and development of the aforesaid products.

  • Proportion of primary business :

Unit: NT$ Thousand
Item of PrimaryProduct 2022 %
APIs 450,223 50.04%
API Intermediates 433,362 48.16%
Other 16,153 1.80%
Total 899,738 100.00%
  1. Current products (services) offered by the Company :
Product Item Name of Primary Product
APIs VA
Probucol
Divalproate Sodium
Propafenone Hydrochloride
Duloxetine Hydrochloride
Allopurinol
Clindamycin palmitate HCl
Articaine Hydrochloride
HOCLQ-Sulfate
Brinzolamide
Sodium Valproate
Pentobarbital Sodium
Methylphenidate HCl
Biso-FA
Thiopental acid
Loxoprofen Sodium Hydrate
Atomoxetine HCl
Cannabidiol
Adenine
Buprenorphine
API Intermediates DEDPM
PENT-2
AL-1
S-2
NBE
EPMA-wet
PEC
Aminazole
BHA
PGA
2-BFAA
BHZ

77

API Intermediates 3-Azetidinol
Hydroxifenone
5T(Ritalinic acid)
5TC
5-HMT
BOV
ZP-3
(S)-MMAA
HOCLQ
BPPCE-HCL
Prop-3
Thiazole acid
Isopropenyl MgBr
Chiral Aux
DPAEE
EPA
Olivetol
PMDOL
Specialty
chemicals		 7 chemicals, including diethyl ketone (DEK)

4. Development projects for new products (services) :

Name of PrimaryProduct New Product Description
Pimobendan API
ADC Intermediates
MTDCN Intermediates

Note: Besides the aforementioned R&D projects will go forward, all production lines for the existing products will undergo replacement and modification.

78

  • 5.1.2 State of the industry :

  • The current status and development of the industry:

  • (Referenced from the 2022 YearBook of Pharmaceutical Industry � 2022 Biotechnology Industry in Taiwan and Industrial Economics Database of Taiwan Institute of Economics.)

As of March 1, 2023, 676 million people worldwide have been infected with COVID-19 and more than 6.88 million people have died. The medical systems of various countries have been facing severe challenges. By 2021, the epidemic has eased and mild symptoms have begun to appear trend. The pandemic impacted the global economy immensely, and also had a significant effect on the global pharmaceutical industry’s supply chain, the conduct of clinical trials, as well as the development and review of pharmaceutical products. Therefore, governments from all nations have been speeding up their responses to the pandemic by implementing numerous policies and laws in the hope of reducing the pandemic’s damages to the industry.

According to statistics form Fitch Solution, the scale of the total global pharmaceutic market is around US$1.4 trillion in 2021 in comparison to 2020 with 12.4% of growth, and the CAGR between 2017 to 2021 is 5.0%. With several COVID-19 vaccines launched and a wider population vaccinated, the pandemic has stably controlled as the markets for the related vaccines, medicines, and diagnostic products are expected to expand in billions of dollars, plus the increasing demand for innovative medicines, the global pharmaceutical market will reach US$1.7 Trillion in 2026, with CAGR of 4.6% between the year 2022 to 2026. The top three regions of the pharmaceutical market in the world in 2021 are North America, Asia Pacific, and Europe, with the top three national markets being the US, Mainland China, and Japan, as the US$706.98 billion of sales with these three countries combined exceeded more than a half of the global pharmaceutical market.

The sales of the global APIs market reached US$205.6 billion in 2021, with a growth of 9.5% compared to 2020, which is mainly due to the popularization of vaccination, the significant decline in the death rate related to COVID-19, and the overall economy showing a recovery trend.The pharmaceutical market is expected to reach US$274.6 billion in 2026, with a CAGR of 5.9% between 2022 to 2026 due to the increase in demand for recent innovative medicines, especially biopharmaceuticals.

The biomedical industry of Taiwan covers four main fields: Pharmaceuticals, medical devices, applied biotechnology, and health & well-being. Along with the continuous development of new products and the expansion in the international market of the domestic biotechnology and pharmaceutical companies, increases have been seen in the exports of the Taiwanese biotechnology and pharmaceutical industry, which further expands the scale of the domestic industry. The 2021 turnover of the biotechnology and pharmaceutical industry in our country has exceeded NT$666.5 billion, with a growth of 10.9% compared to the NT$601.1 billion in 2020. With the domestic pharmaceutical industry actively expanding in the international market in recent years, the growth of turnover has continued from NT$89.0 billion in 2020 to NT$91.7 billion in 2020.

79

Unit: NT$ Hundred Million

Turnover

==> picture [469 x 193] intentionally omitted <==

Applied Biotechnology Pharmaceuticals *Medical Devices * Health & Well-being

Source: Biotechnology and Pharmaceutical Industries Promotion Office, MOEA; Medical and Pharmaceutical Industry Technology and Development Center; Industry, Science and Technology International Strategy Center (ISTI), ITRI (2022)

The pharmaceutical industry in our country is categorized into the manufacture of drugs and medicines, Chinese prescriptions, biopharmaceuticals, and APIs. The steady growth over the years has been the result of the increasing domestic market demand and the successful expansion in the export market. The production value of the overall pharmaceutical industry was NT$82.12 billion in 2021with a growth of 4.1%, driven by the growth of the production value of biopharmaceuticals and APIs. Visioning the future, with the pandemic became under control, the demand for pharmaceutical products recovered, new medicines launched and the continuous growth in exports, the total production value of the domestic pharmaceutical industry will reach NT$100.40 billion in 2026 with the CAGR between 2022 to 2026 will be 4.4%, according to the estimation published by the Industrial Information Section ITIS research team of the Development Centre for Biotechnology (DCB).

The domestic API market scale is rather humble, which is why the domestic APIs companies are mainly exporting. According to the statistic on export and import tape data from the Taiwanese customs, the number of countries exporting APIs from Taiwan has in 2022.Q3 with a total export value of NT$4.5 billion, reaching 12.1% growth compared to 2021.Q3. The main reason is that domestically produced chemical products and organic compounds for the synthesis of raw materials have achieved remarkable results in expanding the markets of India, the United States and Japan. In addition, the APIs import value of Taiwan reached NT$5.9 billion with a 3.6% growth compared to 2020, this is because my country's import demand for animal and specific human antibiotics produced in China and Japan has increased significantly. The top five countries Taiwan imported from are Mainland China, Japan, USA, India and South Korea, with the import value from Mainland China reaching NT$2.458 billion, covering 41.85% of the total API import value. This indicates that the API import was overly concentrated in one single country, which does not benefit the dilution of risks and the development of the domestic pharmaceutical industry.

80

Statistics on Import and Export Value of Taiwan's API Industry

Unit: NT$100 million; % Unit: NT$100 million; %
Year
Item
APIs		 Export Value
2017
46		 2018
49		 2019
43		 2020
48		 2021
53		 2022.Q3
45
Unit: NT$100 million; % Unit: NT$100 million; %
Year
Item
APIs		 Import Value
2017
78		 2018
77		 2019
77		 2020
79		 2021
77		 2022.Q3
59

Source: Import and export statistical tape data of the Customs of the Republic of China, collated by the Industrial Economics Database of Taiwan Institute of Economics (2022.12).

According to the statistic from the Biotechnology and Pharmaceutical Industries Promotion Office, MOEA, the investments in Taiwanese biotechnology and pharmaceutical industries has reached NT$60.895 billion in 2021 with a decrease of 12.64% compared to the NT$69.708 billion in 2020. If classified by industries, the investment in the pharmaceutical industry rosed to first place in the same category, and the amount increased to NT$22.628 billion in 2021 with a growth of 4.4% compared to the NT$21.668 billion in 2020, which is mainly driven by the promotion of the three programs welcoming returning overseas Taiwanese businesses expanding the scale of investment for the domestic private companies. In addition, the investment in the pharmaceutical industry still reached NT$22.628 billion in 2021, under the trade adversary of the two major economic powers, the US and China, the emergence of multiple coronavirus variants, inflation, as well as uncertainties of the geopolitical status, which indicates that the investing companies are especially optimistic in the future developments of the pharmaceutical industry.

The Taiwan government has continued to nurture the biotech industry. Since the Taiwan government proposed the 5+2 industrial innovation plan in 2017, the biomedical industry will drive Taiwan's next-generation industry. In order to grow, the combination of biotechnology, medical care, ICT and emerging technologies has been proposed to expand the application field and strengthen the kinetic energy of the biomedical industry and development, kicked off the domestic industrial flipping innovation, and continued to focus on the integration of cross-domain technology to promote the development of emerging technologies In addition to improving the construction of the ecosystem, we are looking forward to assisting the transformation and innovation of my country's biotechnology and pharmaceutical industry with a forward-looking layout. Given that our country has the full with the advantages of the world's top medical system, complete health insurance database, abundant human resources and good research and development environment, in 2021 from The extension and expansion of the ecological environment created by the "5+2 Industrial Innovation Plan" will promote the introduction of digital and scientific technology into the existing biotechnology and pharmaceutical industries. Technology elements, strengthen the combination of my country's biotechnology-information and communication (Bio-ICT), and guide the domestic industry to enter the development opportunities of emerging technologies, to promote the development of the industry towards a healthy vision of

81

all ages covering health care, prevention, diagnosis, treatment, and care, and to increase national. While providing positive feedback on human health care, it also enhances the international competitiveness of the industry.

Schedule
Policy		 2002
Two trillion
double star
industry
development
plan		 2009
Taiwan
Biotech
take-off
diamond
action plan		 2013
Taiwan's
biotech
industry
take-off
action plan		 2017
2021
5+2 Industrial Innovation
Biomedical Taiwan
Industry Precision
Innovation Health

Source: Board of Science and Technology, Executive Yuan - Biomedical Industry Innovation Program

82

2. Correlation with upstream, midstream, and downstream sections of the industry

==> picture [454 x 251] intentionally omitted <==

----- Start of picture text -----

Transgenic
natural
animals and
chemicals goods cell microorganism plants upstream
synthesis extraction biotechnology fermentation
purified fermentation semisynthetic Plant and animal
factory
extraction microorganism
chemical synthesisintermediate � API purified raw Biologicalfermentation fermentationsynthesis API genetic engineeringraw material
material drug API
Middle stream
API
preparation
downstream
prescription indicator OTC drug
medicine
----- End of picture text -----

(1) Upstream

The upstream offers the raw material of the drug and medicine, including natural substances and common chemicals, intermediates and APIs mainly synthesized by chemical methods or prepared by the semi-synthesized method, as well as other raw materials or APIs obtained from plants, minerals, animal organs, microbial strains, and its related tissue cells. With the recent development of biotechnology, the production of medicine can be conducted by use of gene transfer, tissue culture technology, directly planting or animal culture.

(2) Midstream

The midstream is mainly the API industry. The majority of the API industry is the organic chemistry business, in which the products are commonly synthesized via biological or chemical methods. The characteristics of chemical methods are their convenience, fast speed, cheap prices, etc., therefore the industry majorly adopts chemical methods. In addition, different sources of raw materials require different methods of manufacturing. For raw materials obtained from natural substances, besides preparation processes such as fermentation, the main production technologies lie in extraction, isolation & hydrogenation, alcoholysis, esterification, saponification, alkylation, and purification (e.g. distillation, abstraction, crystallization, etc.).For those prepared from common chemicals, the main processing technologies are organic synthesis and isolation & purification. For those prepared from genetic engineering, utilized technologies include purification, recovery engineering, and others.

(3) Downstream

The downstream is the medicine manufacturing industry, where the main process is adding adjuvants to the APIs, such as an excipient, disintegrant, adhesive, lubricant, emulsifier, and others, and processing it into a convenient form for dosage, examples include tablets, capsules, creams, and others. The medicine can also be applied by injection, and depending on the nature of the contents, the injections can be divided into the liquid for injection or powder for injection. The production of liquid for injection requires the APIs, adjuvants,

83

acidity regulators, and others to dissolve in a solvent, then bottling for packaging and distribution. The physicochemical properties of certain solvents are unstable, and products with the risk of decomposition or deterioration in the manufacture, distribution, and storage process shall be desiccated in advance to maintain the stability of the products’ quality.

3. Product development trends and competition

(1) Production development trends

The overall demand for pharmaceuticals is closely related to population growth. There has been a steady growth in sales of pharmaceuticals which are less affected by the overall economic environment. Besides, the emerging countries have rapidly developed their economies in which the medical care expenses grew alongside the GDP. Therefore, driven additionally by the demand of the emerging countries, it is anticipated that the global pharmaceutical market will continue to grow. The global sales of pharmaceutical products in 2021 was US$1.4 trillion, which represented a growth of 12.4% compared to 2020. According to Fitch Solutions, the 2022 to 2026 CAGR for pharmaceutical sales will be about 4.6%, reaching US$1.7 trillion in 2026.

(2) Conditions of competition

The production value of the global pharmaceutical industry will reach US$1.7 trillion in 2026, with 60% to 70% of the products being generic drugs. The production value of the generic drug market will increase every year due to several proprietary drugs losing their market share to generic drugs when their patents expired, another reason is that medical institutions are switching to generic drugs to reduce costs. In recent years, mergers and acquisitions have been an important way for major pharmaceutical companies to supplement their research and development lines and enter new fields. The largest pharmaceutical M&A case in 2022 is Amgen’s $27.8 billion acquisition of a rare disease pharmaceutical company Horizon Therapeutics in December. The second largest is Pfizer’s acquisition of Biohaven Pharma for 11.6 billion to obtain migraine drugs, and the third largest is Pfizer’s acquisition of sickle cell anemia manufacturer Global Blood Therapeutics for 5.4 billion, these corporate mergers and acquisitions boom is conducive to the development of the medical industry.

Intense competition in the pharmaceutical preparations market also affected the development of API companies. The primary cause was price competitions between Chinese and Indian API companies. Companies from both countries enjoy advantages of a massive domestic market and planned support from the government, and their price competition may lead to reduced sales and competitiveness of API companies in other countries.

�������� Technologies and R&D efforts

1. Research and development :

The personnel principle of the company in 2022 was "no replacement for vacancies". Hence, some colleagues in R&D department still supported production in the rented factory as in the previous year while others assisted with IQ, OQ, PQ required for new equipment in an effort to speed up factory overall resumption. The task of optimizing the manufacturing processes of old products continued to be carried out in order to save energy, reduce waste and conform to the ESG trend. The newly developed product, Buprenorphine, which is an anti-addiction drug, has its manufacturing process scaled up by the R&D department so that it could be smoothly mass-produced in the near future. The API of an Alzheimer's drug manufactured for a new drug developer several

84

years ago has an excellent process and quality, which is highly recognized by the customer. Clinical trial data of the new drug now shows significant efficacy and it is hoped that this product would bear fruit in the near future.

2. R&D goals :

  • 1 � Establish self-developed technologies to create entry barriers and enhance competitiveness.

  • Self-developed technologies mostly take a form of trade secrets. Considering business strategies, SCI applies for patents on some technologies. Existing patents are as follows:

No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29		 Product name
(S)-MMAA
Duloxetine
Duloxetine
(S)-MMAA
Baclofen
Atomoxetine
Duloxetine
(S)-MMAA
Di-VANa
Duloxetine
Duloxetine
Duloxetine
Duloxetine
Duloxetine
PR-038
PR-038
MARAVIROC
CANNABIDIOL
CANNABIDIOL
CANNABIDIOL
PMDOL
PMDOL
CANNABIDIOL
PMDOL
CANNABIDIOL
(S)-MMAA
Lisdexamfetamine
Lisdexamfetamine
PMDOL		 Patent No.
US 7,829,731 B2
2228372
US 8,148,549 B2
US 8,168,805 B2
US 8,273,917 B2
US 8,299,305 B2
License No.5143167
US 8,420,832 B2
US 8,729,300 B2
US 8,530,674 B2
US 8,614,336 B2
2386549
US 8,957,227 B2
License No.5830245
US 9,718,765 B1
3260442
US 10,556,899 B2
US 10,981,849 B1
License No.1738586
License No.6984054
In application
In application
EP3868736B1
In application
CA3093271C
In application
In application
In application
In application		 Country
USA
Europe
USA
USA
USA
USA
Japan
USA
USA
USA
USA
Europe
USA
Japan
USA
Europe
USA
USA
Taiwan
Japan
Taiwan
Europe
Europe
Japan
Canada
Europe
USA
Europe
USA		 Patent expiration date
2010/11/09~2028/8/14
2010/03/10~2030/3/10
2012/04/03~2030/5/6
2012/05/01~2030/1/13
2012/09/25~2031/1/27
2012/10/30~2030/12/16
2012/11/30~2030/3/11
2013/04/16~2027/10/29
2014/05/20~2030/5/14
2013/09/10~2032/1/12
2013/12/24~2031/10/16
2014/03/19~2030/5/10
2015/02/17~2030/5/5
2015/10/30~2031/01/04
2017/08/01~2036/6/21
2019/05/01~2037/06/21
2020/02/11~2038/02/09
2021/04/20~2040/02/20
2021/09/01~2040/12/10
2021/11/26~2041/02/10
2021/5/8-2041/5/7
2020/9/16-2040/9/15

  • 2 � Respond to customers' questions and provide effective solutions quickly.

  • 3 � Seek for R&D projects with potential and commercialize them efficiently.

3. R&D strategies :

  • 1 � Recruit experienced R&D personnel to improve the capacity for R&D.

  • 2 � Seek for complementary partners to expand the R&D fields and strengthen

  • cooperation.

  • 3 � Cooperation with the new drug development companies to enter the

  • development of pharmaceutical products in their early stage.

4. Key R&D projects :

  • 1 � Develop the manufacturing processes and technologies of niche products.

  • 2 � Expand and commercialize manufacturing processes of new drugs under R&D.

85

  1. R&D expenses invested in the most recent year up to the date of publication of the Annual Report :
Unit: NT$ Thousand
Year
Item		 2022 As of Q1 2023
R&D expenses 39,649 11,958
  1. Products successfully developed in the most recent year up to the date of publication of the Annual Report :
Trial Production of
New Product		 Commercialized Mass
Production of
NewProduct		 Improvement in
Production Process
Adenine Buprenorphine PGA
THIP
Pimobendan
Buprenorphine

  • 5.1.4 Short-term � Mid-term and Long-term business developing plans :

  • Short-term plans :

  • 1 � Accelerate the reconstruction and restoration of the B factory area to meet the

  • needs of customers.

  • 2 � Plan production schedule to process the accumulated orders and maintain the

  • relationship with our clients.

2. Mid-term plan :

  • 1 � Continue to introduce more intermediates and APIs and reinforce the

  • development of APIs because APIs have high entry barriers and are subject to stringent regulations so that further development of the API market will increase the Company's competitiveness in the future.

  • 2 � Maintain good relations with the existing customer base and actively develop

  • new customers to increase each product's growth momentum.

  • 3 � Optimize the product lineup and eliminate products that contribute little.

  • 4 � Optimize the production process, lower costs, and increase competitiveness.

  • 5 � Optimize production scheduling and reduce production line replacement items.

  • 6 � Construct the factory complex at the Guanyin Industrial Park to dilute the risk

  • of concentration of production lines.

3. Long-term plans :

  • 1 � Develop and secure new businesses related to new drugs, capturing business

  • opportunities from the early stage of development.

  • 2 � Develop new production capacities while growing the business and introduce

  • the latest technologies and equipment.

  • 3 � Continue to improve and refine the production process and secure patents on

86

those for niche products to improve production efficiency.

  • 4 � Cultivate talents with global perspectives for the Company’s future growth.

  • 5 � Promote circular economy and reduce the environmental impact of business

  • operations while lowering operating costs and increasing competitiveness.

87

5.2 Market and Sales Overview

5.2.1 Market analysis

1. Areas of sales (provision) of primary products (services) :

Unit: Thousand NT$

Unit: Thousand NT$ Unit: Thousand NT$
Year 2021 2022 As of Q1 2023
Business Sales % Sales % Sales %
Areas
Export
Europe
America
Asia
Others
Subtotal
Domestic Sales		 Europe 467,009 54.04 426,034 47.35 229,418 67.12
America 119,785 13.86 127,441 14.16 43,934 12.85
Asia 202,435 23.42 205,548 22.85 34,477 10.10
Others 16,409 1.90 31,395 3.49 20,684 6.05
805,638
58,579		 93.22
6.78		 790,418
109,320		 87.85
12.15		 328,513
13,266		 96.12
3.88
Total 864,217 100.00 899,738 100.00 341,779 100.00

2. Market share

  • (1) The world's leading manufacturers are PEB.Na, PGA, VA, NaVA, Di-VNa and HOCLQ.

  • (2) The Company is the only supplier of intermediates for controlled drugs, such as Pent-2, NBE, S-2, and AL-1.

  • (3) Due to limited information, it is difficult to estimate market share of other Products.

  • State and growth of market supply and demand

  • Overall demand for pharmaceuticals will continue to grow given the medical advances and increasing population in emerging countries as well as aging populations and rising medical expenses in developed countries. The compound annual growth rate is estimated at 4.6% from 2022 to 2026, and the scale of the global pharmaceutical market is estimated to reach US$1.7 trillion in 2026. Currently, the biggest market remains North America. API are active chemical components with pharmacological action, and the chemical structure must conform to the pharmacopoeia. Pharmaceuticals are basically composed of APIs and excipients. Global sales in 2021 will be approximately US$205.6 billion, an increase of 9.5% from 2020.In 2026, it is estimated to reach US$260 billion. Operational strategies for this year as well as short-term and mid-term business plans of SCI Pharmtech focus on APIs, key intermediates, and other upstream products of the pharmaceutical industry. SCI Pharmtech will optimize product portfolio, develop new products, expand customer base, and develop extensive partnerships in order to reduce the impact of business fluctuations, achieve better profitability, and improve its position within the sector.

  • Positive and negative factors affecting competitive niches and long-term development, as well as response strategies

(1) Competitive niches

  • A. Professional R&D team :

  • The R&D personnel specializes in chemical synthesis. SCI's R&D team is capable of timely developing the products within the stringent requirements

88

as demanded by the customers, which helps the Company to innovate and capture business opportunities.

  • B. Quality products :

The quality of products must meet the requirements of health authorities and customers. As the business success and performance depends on the

  • quality of products, the Company has strived to improve the quality management system and obtained ISO9001 verification in 2001. APIs and intermediates are produced based on the GMP standards, and products are reviewed and licensed by the Ministry of Health and Welfare, FDA of the U.S., EDQM in Europe, and health authorities in other countries. In 2022, 17 customers conducted audits and the auditing process well.

  • C. Advanced production technology and equipment The Company has laid a solid foundation for establishment of plants, such as API plants. Currently, the plant establishment team is able to add and expand production lines in the most efficient way at any time within the given time limit and cost.

  • With more than 30 years of experience in production research and development,the Company has established operating technologies, such as alkylation, hydrogenation, condensation, Fridel-Crafts, Chapman, and Dieckmann reaction, and developed dozens of products. The solid foundation for technology is beneficial to the development of future business opportunities.

  • D. Adequate cost management

  • SCI has developed and refined process technologies to achieve competitive costs and has patented some of the technologies in the US and Europe to gain competitive advantages in those markets. Assisted by a complete supply chain, SCI Pharmtech timely meets the customers' demands and has gradually raised the profit in the recent years in the global market in which competition has been getting ever more intense. The accomplishment is truly remarkable.

  • E. Marketing

Products were mainly exported to Europe, the U.S., Japan, India, and Taiwan . Over the past 30 years, the international business network has been established. The Company worked with international drug manufacturers to develop new drugs, which was highly beneficial to the future development of international markets.

  • (2) Positive factors for development vision :

  • A. Aging population and gradually increasing living standards The world’s population is moving toward aging society. Demand for various drugs will continue to increase as the population ages, providing API companies located upstream or mid-stream of the pharmaceutical supply chain with a growing market scale. More and more countries are placing greater importance on healthcare. Governments had enacted policies or legislation to lower and control drug prices and medical expenses, so as to improve the overall medical quality. Such policies and legislation will lead to increased demands for generic drugs. API developers would also continue to search for low cost solutions and collaborate with API producers that could achieve processing quality that complies with international standards. This

89

measure would help future marketing and development efforts within SCI.

  • B. Government focus and consultation 

     - To improve the quality of APIs, governments have strengthened control over APIs, such as DMF and GMP implemented in the U.S. and China, respectively, increasing the threshold for API production. Overall, M&A among global API manufacturers will be sped up to eliminate less competitive small and medium manufacturers. In the end, manufacturers with a large scale, and premium quality stay in the market.

  • C. Friendly drug review environment of FDA The US FDA has provided a friendly drug approval process which is conducive to the development of the medical industry. As the FDA had accelerated the review process, there were a record of 53 new drugs in 2020 and 50 in 2021.

  • (3) Positive and negative factors affecting competitive niches and long-term development, as well as response strategies :

    • A. Negative factors :

    • a.The small scale of API companies in Taiwan and the limited capacity of the domestic market meant that the competitive niche offered in Taiwan could not compare to competitors from Mainland China or India.

    • b.The global API market faced challenges, such as increases in stringent requirements, on-site audits, environmental awareness, production costs, industrial competitiveness, prices of raw materials, and no room for product prices increase, which would cause less competitive small and medium manufacturers to reduce or terminate production.

  • c.The science-isolationism intensified by the state of the global politics has

  • versely affected the cooperation and sharing of the scientific and medical researches.

    • B. Response strategies :

    • a. Establish a quality system compliant to international quality standards and select products carefully to segregate the market.

    • b. Work with the original drug developers to enter the patented drug market which offered greater profits.

    • c. Recruit R&D talents around the world and solidify capability in R&D to meet customers’ needs.

    • d. The Company should sign the API production contracts with new drug developers to increase long-term cooperation in clinical experiments.

    • e. The Company has set up a new business and introduced the advanced Veolia technology to purify and reuse the chemical solvents used in the pharmaceutical process, while promoting the development of a circular economy and reducing the impact of operations on the environment, so as to increase the Company's operating capacity while reducing operating costs.

    • f. Continually evaluate the raw materials supply chain and establish alternative suppliers in different countries to avoid the risk of supply chain interruption.

    • g. In planning for new production lines , emphasize on automation and the concept of smart factory to increase production efficiency.

    • h. We will actively coordinate with our client in response to the increase in production costs and increase the price of our products timely.

90

5.2.2 Primary purpose of primary product and production process

  1. Major uses of the primary products:
Name of Primary Product Primary Purpose
APIs VA
Probucol
Divalproate Sodium
Propafenone Hydrochloride
Duloxetine Hydrochloride
Allopurinol
Clindamycin palmitate HCl
Articaine Hydrochloride
HOCLQ-Sulfate
Brinzolamide
Sodium Valproate
Pentobarbital Sodium
Methylphenidate HCl
Biso-FA
Thiopental acid
Loxoprofen Sodium Hydrate
Atomoxetine HCl
Cannabidiol
Buprenorphine
Adenine		 Antiepileptic and anticonvulsant
Antiatheroscloresis
Antiepileptic and anticonvulsant
Arrhythmia
Anti-depression
Gout
Antibiotics
Anesthetics
Malaria, rheumatoid arthritis, and lupus erythematosus
Glaucoma
Antiepileptic and anticonvulsant
Anesthetics
Anti-ADHD
High blood pressure and angina pectoris
Anesthetics
Heat-relieving pain relief
ADHD
Epileptic rarely in children�Multiple sclerosis
Acute and chronic pain
Leukopenia
API
Intermediates		 Pent-2
PGA
NBE
5-HMT
BOV
(S)-MMAA
HOCLQ
Prop-3
Thiazole acid
Olivetol
PMDOL		 Anesthetics
Antiparkinson medication
Sleeping pills and anesthetics for surgical use
Anti-AIDS
Steroid
Anti-depression
Anti-malaria
Heart rhythm disintegration
Antitumor agent
Antiepileptic
Antiepileptic

91

2. Production process:

All these products were produced using chemicals available on the market as raw materials. Various chemical processing (such as hydrogenation, alcoholysis, esterification, saponification, and alkylation) were employed to create unrefined products which would then undergo purification (such as distillation, extraction, and crystallization) to create purified products of an acceptable grade. The following describes the production process:

==> picture [458 x 72] intentionally omitted <==

----- Start of picture text -----

Basic Materials Chemical Reaction Chemical Separation Products
(raw materials, (such as hydrogenation, (such as distillation, (powder, liquid)
solvents, and catalysts) condensation, extraction, and
saponification, and crystallization)
alkylation)
----- End of picture text -----

5.2.3 Main Material State of Supply

Raw materials used by SCI are chemicals sold in the market without any risk of supply monopoly. The following table shows the supply of main materials:

Main Material Name of the Main Supplier State of Supply
Chemical Material a Good
Chemical Material b Good

92

5.2.4 Primary suppliers and customers e in the most recent 2 years
��
Primary customers
Unit: Thousand NT$		 Item
Name
Amount
Percentage of
Net Sales for
the Year (%)
Relationship
with the
Issuer
Name
Amount
Percentage of
Net Sales for
the Year (%)
Relation
ship with
the Issuer
Name
Amount
Percentage of Net
Salesfor the
Current Year up to
Q1 2022(%)
Relation
ship with
the Issuer
1
Client C
244,025
28.24
None
Client C
204,824
22.76
None
Client C
68,436
20.02
None
2
Client V
91,910
10.64
None
Client W
114,653
12.74
None
Others
273,343
79.98
None
3
Client W
90,973
10.53
None
Others
580,261
64.50
None
4
Others
437,309
50.59
None
5
Net Sales
864,217
100.00
Net Sales
899,738
100.00
Net Sales
341,779
100.00
Note: Where sales to the customer exceed 10% of the total sales value in the most recent 2 years, the name, sales value, and proportion of the said salesshall be disclosed.
However, contractual terms dictate that the names of such customer or trading counterparty cannot be disclosed if the said customer or trading counterparty is an
individual and unrelated party, and may be suitably replaced by codes.
2.
Reason for changes :
Client W is the major client of Pent-2, with SCI Pharmtech resuming the regular supply through time, Client W rose from the third largest in
2021 to the second largest in 2022.
As of Q1 2023 Relation
ship with
the Issuer
None
None
Percentage of Net
Salesfor the
Current Year up to
Q1 2022(%)
20.02
79.98
100.00
Amount
68,436
273,343
341,779
Name
Client C
Others
Net Sales
2022 Relation
ship with
the Issuer
None
None
None
Percentage of
Net Sales for
the Year (%)
22.76
12.74
64.50
100.00
Amount
204,824
114,653
580,261
899,738
Name
Client C
Client W
Others
Net Sales
2021
Relationship
with the
Issuer
None
None
None
None
Percentage of
Net Sales for
the Year (%)
28.24
10.64
10.53
50.59
100.00
Amount
244,025
91,910
90,973
437,309
864,217
Name
Client C
Client V
Client W
Others
Net Sales
Item
1
2
3
4
5
3.
Primary goods supplier
Unit: Thousand NT$		 As of Q1 2023 Relationship
with the
Issuer
None
None
None
Percentage of
Net Purchase
for the Current
Year up to Q1
2022(%)
49.49
10.16
40.35
100.00
Amount
55,676
11,433
45,388
112,497

Name
d
a
Others
Net Purchase
2022 Relationship
with the
Issuer
None
None
None
Percentage
of Net
Purchase
for the
Year (%)
41.88
17.94
40.18
100.00
Amount
185,899
79,641
178,308
443,848

Name
d
a
Others
Net Purchase
2021
Relationship
with the
Issuer
None
None
None
Percentage
of Net
Purchase
for the
Year (%)
60.17
17.44
22.39
100.00
Amount
161,310
46,747
60,037
268,094
Name
d
a
Others
Net Purchase
Item
1
2
3

5.2.5 Production value in the most recent 2 years

Production Volume/Value in the Most Recent Two Years

Unit: Ton / Unit: thousand NT$

Year

Production
Volume/
Value
Primary Product
APIs		 2021 2021 2022 2022
Production
Capacity
NA
NA		 Production
Volume
1.7		 Production
Value
41,039		 Production
Capacity
1,200
1,200		 Production
Volume
216.94		 Production
Value
402,872
API intermediates 158.39 241,404 173.88 274,157
Others
Total		 0
160.09		 0
282,443		 0
390.82		 677,029

Note1 � Production capacity for each individual product was not listed as production equipment can be employed for the production of any product. Only rough estimates of production capacity was provided in the table above as the required capacity may differ for differentproducts.

Note2 � At the end of December 2021, some production has resumed, and the average production capacity in 2022 is about 20% of that before the disaster.

������ Sales volume/value in the most recent 2 years

Sales volume/value in the most recent 2 years:

Unit: Ton / Unit: thousand NT$

Unit: Ton / Unit: thousand NT$ Unit: Ton / Unit: thousand NT$ Unit: Ton / Unit: thousand NT$ Unit: Ton / Unit: thousand NT$
Year

Sales
Volume/
Value
Primary Product
APIs
API
intermediates
Others
Total		 2021 2022
Domestic Sales Export Domestic Sales Export
Volume
18.80
17.48
42.6
78.88		 Value
43,717
4,447
10,415
58,579		 Volume
62.95
161.73
19.09
243.77		 Value
352,885
447,468
5,285
805,638		 Volume
50.16
0.40
181.66
232.22		 Value
101,413
1,166
6,740
109,319		 Volume
133.90
123.81
(18.98)
238.73		 Value
348,810
432,196
9,413
790,419

Note � In 2022, the export sales volume was negative, which was caused by returns.

95

5.3 Human Resources

Information of employees for the 2 most recent years

March 31, 2023

March 31, 2023
Number of
Employees		 Year
Managerial Level or Above		 2021
11		 2022
11		 As of Q1 2023
11
General Employees 194 190 195
Foreign Employees 1 1 11
Total
Average Age		 206
41.94		 202
43.03		 217
42.58
Average Years of Service
Education
Distribution
(%)
PhD
Master
University/College
Senior or Vocational High School
Below High Schoo		 11.40
3.88		 12.22
3.47		 11.47
3.69
Master 17.48 17.82 17.05
University/College 62.14 61.39 57.60
Senior or Vocational High School 15.05 15.84 15.67
Below High Schoo 1.46 1.48 5.99

5.4 Environmental Protection Expenditure

  • 5.4.1 SCI is a professional API manufacturer and focuses greatly on environmental protection. Waste

  • reduction processing would be considered as early as the process development phase. All controlled chemical ingredients, unless required, would be avoided in order to reduce the potential sources of pollution. Disposal of any waste (such as wastewater�exhaust gas�waste solvent�etc.) generated during production would be undertaken by processing equipment and professional personnel, or subcontracted to professional waste management agencies. The following describes the details of waste management :

  • �� Status on applications for setup permits for polluting facilities or pollution release permits :

A.Wastewater treatment

  • Part of the waste generated in the production process was processed by an in-house

  • wastewater treatment system operated by specialty personnel, and once processed past the regulatory standard, the effluent would then be released to the water cycle outside the factory. SCI has obtained a wastewater/sewage release permit from the Taoyuan County government, numbered "Fu-Huan-Shui-Tzu No. 1090199881, Tao-Hsien-Huan-Pai-HsuTzu No. H0558-07," effective from Aug. 11, 2020, to Aug. 10, 2025. SCI Pharmtech has also laid underground drain water pipelines so that the drain water would not contaminate the irrigation ditches for the farmlands.

  • B.Exhaust gas treatment

The company has acquired the Stationary Pollution Source Operating Permit and appointed a dedicated air pollution control specialist as required by the Air Pollution Control Act.

Fixed source ofpollution Permit No. Valid date
Pharmaceutical production/general
production process M01		 Fu-Huan-Kong-Tzu No.1110245400,
permit number for operations: H6175-02		 Dec. 6, 2022 - Dec. 5, 2027
Boiler and steam generating
processes M02		 Fu-Huan-Kong-Tzu No.1110132366,
permit number for operations: H4714-05		 May. 19, 2022 - June 11, 2023

96

Fu-Huan-Kong-Tzu No.1070138665, permit number for operations: H4715-04

Hating processes M03

Jun. 12, 2018 - Jun. 11, 2023

C.Waste solvent handling

  - (a) SCI has established solvent distillation and recycling towers in order to recover as much organic solvent as possible from the various processes for recycling and reuse. The treatment of un-recyclable waste was subcontracted to qualified and professional agencies.

  • (b) SCI has set up a new business and introduced the advanced Veolia technology to purify and reuse the chemical solvents used in the pharmaceutical process, while promoting the development of a circular economy and reducing the impact of operations on the environment, so as to increase the Company's operating capacity while reducing operating costs.

  • D.General waste

Treatment of general wastes produced during the production process was subcontracted to qualified professional agencies for regular handling.

  • ��� Payment of pollution prevention fees :

In 2022, fees paid amounted to NT$900; Subcontracted Processing fees amounted to

NT$41,384,609; internal processing expenses amounted to NT$18,060,795.

  • 3.Conditions for setting up dedicated units for environmental protection A total of 8 employees

  • were assigned to the environmental protection department.

Item Description
Air Pollution
Control Specialists		 Class A Air Pollution Control Specialist (85) Huan-Shu-Hsun-Cheng-Tzu (EPA Training Permit) No. FA090525
Class B Air Pollution Control Specialist (92) Huan-Shu-Hsun-Cheng-Tzu (EPA Training Permit) No. FB010012
Class B Air Pollution Control Specialist (98) Huan-Shu-Hsun-Cheng-Tzu (EPA Training Permit) No. FB080462
Wastewater And
Sewage Treatment
Specialists		 Class A Wastewater And Sewage Treatment Specialist (85) Huan-Shu-Hsun-Cheng-Tzu (EPA Training Permit)
No. GA120070
Class A Wastewater And Sewage Treatment Specialist (94) Huan-Shu-Hsun-Cheng-Tzu (EPA Training Permit)
No. GA060315
Class A Wastewater And Sewage Treatment Specialist (100) Huan-Shu-Hsun-Cheng-Tzu (EPA Training Permit)
No. GA450783
Toxic Chemical
Control Specialists		 Class B Professional and Technical ControlSpecialistsof Toxic Chemical (89) Huan-Shu-Hsun-Cheng-Tzu
(EPA Training Permit) No. JB280970
Waste Processing
Specialist		 Class A Waste Disposal Technician (92) Huan-Shu-Hsun-Cheng-Tzu (EPA Training Permit) No. HA020737
Class A Waste Disposal Technician (94) Huan-Shu-Hsun-Cheng-Tzu (EPA Training Permit) No. HA170156
  • 5.4.2 Any losses suffered by the Company in the most recent fiscal year and up to the Annual Report publication date due to environmental pollution incidents (including any compensation paid and any violations of environmental protection laws or regulations found in environmental inspection, specifying the disposition dates, disposition reference numbers, the articles of law violated, and the content of the dispositions), and disclosing an estimate of possible expenses that could be incurred currently and in the future and measures being or to be taken:

97

Disposition
dates
Oct. 17, 2022		 Disposition
reference numbers
Taoyuan City Government
Huan-Chi-Tzu No.
1110289076		 The articles of
law violated
The Water Pollution
Control Act		 The substance of the legal
violations
On June 30, the Taoyuan City
Environmental Protection Bureau
took samples at the wastewater
discharge outlet to detect that the
chemical oxygen demand exceeded
the standard.		 The content of
the
dispositions
NT$ 108,000
Fine

  • 5.4.3 Possible disbursements for future responsive measures (including corrective measures) :

  • The Company attaches great importance to environmental protection and has invested no small efforts in the setup of pollution prevention facilities, employee training programs for improving awareness for environmental protection, active provision of on-job training, and development of waste reduction processes for the purposes of preventing environmental protection issues.

  • The Company has made relevant preparations as the government established stronger controls for various sources of pollution. We are technically capable of fulfilling these requirements, and provided the needed budgetary allocations to setup relevant equipment.

  • Environmental protection expenses have always been part of operational costs and were adequately reflected in product sales prices.

  • Seek support from external research institutions and adopt advanced treatment equipment to improve waste treatment capabilities at lower costs.

  • Use equipment that consumes clean energies to reduce the impact and effects upon the environmental and business aspect of the pollution.

    • to purify and reuse the chemical solvents used in the pharmaceutical process, while promoting the development of a circular economy and reducing the impact of operations on the environment, so as to increase the Company's operating capacity while reducing operating costs

  • Potential current and future losses :

  • The controlled plan for groundwater pollution for the plant site expired on May 20, 2021. Due to the chemical spill caused by the fire accident, the company applied for an extension. The Department of Environmental Protection of Taoyuan City Government sent an official letter agreeing that the controlled plan of groundwater pollution for the site (third modification) will be acknowledged for future reference, extending the improvement of groundwater pollution to 32 months until July 11, 2024. The company listed a NT$30 million budget for land remediation in 2023.

5.4.4 Response to RoHS : Products are not affected by the Restrictions of Hazardous Substances Directive (RoHS) of the EU.

5.5 Labor Relations

  • 5.5.1 The systems and implementation status of the company’s employee welfare policies, continuing education, training, and retirement, as well as the labor-management agreements, and the

98

measures protecting employees’ rights and interests:

  1. In addition to the basic protection of labor insurance and health insurance, the company provides comprehensive employees’ group insurances, including life insurance, medical insurance, casualty insurance, cancer insurance, etc. The employee’s benefits include trip activities, wedding gift money, childbirth gift money, funeral condolence money, hospitalization allowance, work-related injury leave, emergency aids, end-of-the-year dinner party lucky draw, employees’ dormitory, nursery room, and complimentary meals. Employees can also receive bonuses and performance bonuses for the operational results of the company each year. The average salary for non-executive full-time employees was NT$696,000 in

  2. 2021, ranking 62[rd] of the 114 public listed biomedical companies.

  3. The company continuously promotes the educational training and continuous learning of the employees to improve the quality of human resources and the development advantage to consolidate the foundation of sustainable management and development. The company enacted procedures for employees’ educational training, which can be classified as internal training, external training, and overseas learning, as the annual educational training plan for each department is enacted by each department and uploaded to the internal network with regular records and updates. The internal training accumulated 27,729 session participants in 2022, with 7,783 session participants from the Production Department, 1,042 session participants from the Quality Assurance Department, 12,101 session participants from the Quality Control Department, 192 session participants from the Safety Office, and 124 session

participants joining the external training program in 2022, achieving outstanding results. The expenses for the external training program in 2022 are NT$277,409.

  1. The company enacted the Employees’ Pension Procedures as required by the Labor Standard Act, with 5% of the total monthly salary allocated as the fixed proportion for pension, which is deposited in the trust department of the Bank of Taiwan for fructus civiles. The company also contributes 6% as pension to the personal account of the employees monthly as required by the Labor Pension Act. In addition, the criteria for the employees’ retirement application shall comply with the requirement of the Labor Standard Act, and the application form of retirement shall be signed and approved by the General Manager.

  2. The employees’ shareholding trust is implemented. The current major shareholder of the company is the Conference of Share Holding Employees to increase the security for employees’ retirement.

  3. The Board of Directors approved the purchase of employees’ annuity on March 30, 2016, to increase the security of employees’ retirement life.

  4. The company adopts an open and two-way communication approach in disseminating the company’s policies and understanding the opinions of the employees, the labor-management meetings are also held regularly in the hope to maintain the concordances between management and employees. There have been no records of labor-management disputes as of today.

  5. The outdoor basketball court shall be converted into a dual-purpose indoor basketball and badminton court to provide a leisure sports venue for the employees.

  6. Implementation situations : SCI were implemented according to the regulations in 2022.

  7. 5.5.2 List any losses suffered by the Company in the most recent years and up to the annual report publication date due to labor disputes (including any violations of the Labor Standards Act found in labor inspection, specifying the disposition dates, disposition reference numbers, the

99

articles of law violated, the substance of the legal violations, and the content of the dispositions), and disclosing an estimate of possible expenses that could be incurred currently and in the future and measures being or to be taken :

1. Disposition :

Disposition
dates
Jan. 31,2023		 Disposition
reference numbers
Taoyuan City Government
Lao-Chien-Tzu No.
1100026295		 The articles of
law violated
Occupational
Safety and Health
Act		 The substance of the legal
violations
Facilities such as protective covers
were not installed at the equipment
hanging openings on the 2nd floor of
Area 11B, and workers who entered
the site were not sure to wear safety
helmets.		 The content
of the
dispositions
NT$ 100,000
Fine

  1. The Company always attaches great importance to employee benefits, two-way communication, and compliance with relevant laws and regulations; therefore, the labormanagement relations are quite harmonious. Since the incorporation of the Company, there has been no labor dispute resulting in any loss. In the future, the Company will continue to improve labor-management communication and do its best to provide employee benefits properly to enhance the harmony of labor-management relations.

  2. Potential current and future losses : NT$ 0

  3. Response measures : N/A

  4. 5.5.3 Protective measures for the safety of the workplace and personal safety of the employees :

  5. SCI is a chemical industry. In the manufacturing process, failure to follow standard operating procedures may cause employees' personal injury; therefore, the following measures are taken to safeguard the personal safety of employees:

  6. Conduct preventive maintenance every month.

  7. Carry out hazard awareness training for new employees.

  8. Write up SOPs and strictly require employees and contractors to follow.

  9. Require employees to wear protective devices, such as goggles, safety shoes, and safety helmets.

  10. Set up emergency rescue devices, such as eye wash devices and AED.

  11. Conduct industrial safety training every half a year.

  12. Promote environmental protection, safety, and health.

  13. Organize the employee health examination in the middle of every year and arrange special examinations for employees working in special operations.

  14. Hold an environmental safety meeting every two weeks to review deficiencies found in the environmental safety and health inspections.

  15. Organize a meeting of the Occupational Safety and Health Committee every quarter to assess the risks of occupational safety and health.

  16. Conduct the survey of musculoskeletal symptoms, personal overwork scale, and survey of violence and risk assessment every two years.

100

  1. Encourage employees to provide recommendations for improvement through the environmental feedback form.

  2. The were pedestrian passes laid out in each factory to separate pedestrians from vehicle traffic.

  3. Implementation status: In 2022, all the above-mentioned measures were taken in accordance with the regulations.

5.6 Information security management

  • 5.6.1 The Information security risk management framework, information security policies, concrete management programs, and resource investments for information security management:

  • Information security risk management framework:

  • 1.1 The Information Office under the President’s Office is in charge of the matters related to organizing information security, and the Audit Office has enacted internal control and management procedures and is conducting internal audits regularly.

  • 1.2 Information supervisor entrust Head of Corporate Governance to report to the board of directors on the implementation of information security risk management every year.

  • 1.3 The organizational structure of the information room considers the company's scale and operating conditions. Currently, there is one CSO,and one CSE.

  • Information Security Policies: Revised on September 15, 2021. Please refer to Attachment 3.

  • Concrete Management Programmes:

  • A. To ensure the company’s information security, the Information Office has subscribed to the Intrusion Prevention System services provided through Hinet by Chunghwa Telecom to block the network-based virus and intrusion attacks, which is further strengthened with the installation of the firewall, blocking attacks targeting the internal network. Add an internal firewall to the internal network to increase server protection.For the user end, Windows Update will automatically update and fix the bugs for Windows users through the Windows Update Services Server, preventing viruses and hackers from exploiting the bugs of windows. In addition, the company installed the enterprise anti-virus software Symantec and Palo Alto Traps Advanced Endpoint Protection, enhancing the protection for all user end. Irregular through information security examples, publicize to colleagues to strengthen employees' awareness of information security and reduce the occurrence of information security incidents.

  • B. The Information Office will also evaluate the necessity of information security insurance for reducing operational losses if a critical information security incident occurs.

  • C. For the rest of the concrete management programs, please refer to Attachment 3.

  • Resource investments for information security management :

    • A. Applied and implemented the Intrusion Prevention System service provided by Chunghwa Telecom.

    • B. Build perimeter and internal firewalls.

    • C. Build a log server to record the company's internal and external network activities.

101

D. Purchasing Antivirus Software.

  • E. Purchasing Endpoint Protection Software.

  • F. Joining the membership of the Taiwan Computer Emergency Response Team / Coordination Center(TWCERT/CC).

  • 5.6.2 The list of any losses suffered by the company in the most recent fiscal year and up to the annual report publication date due to significant cyber security incidents, the possible impacts therefrom, and countermeasures. Immeasurable incidents shall be specified with the reason of the incident being immeasurable: None.

5.7 Important Contracts

The parties, major contents, restrictive terms, and start/end dates of major contracts that could affect the shareholders' equity, such as supply contracts, technical partnership contracts, construction contracts, and long-term loan contracts that are still effective by the printing date of this annual report or have expired in the most recent fiscal year :

Nature of the
agreement		 Parties The commencement
and termination dates
of the agreements		 Major Content Restrictive
Provisions
Intellectual
Property
Licensing
Agreement		 Company A April 2012 ~ April
2022		 Acquired the technology and clients’ information under
a product license. The company exclusively uses
Articaine Hcl in the related intellectual properties for
production, registration, packaging, and sales.


Non-
Disclosure
Agreement
Intellectual
Property
Licensing
Agreement		 Company A October 2012 ~
October 2022		 Acquired the technology and clients’ information under
a product license. The company exclusively uses
Hydroxichloroquine Sulfate in the related intellectual
properties for production, registration, packaging,
and sales.



Non-
Disclosure
Agreement
Pharmaceutical
Commissioning
Manufacturing
Agreement		 Energenesis
Biomedical Co.,
Ltd.
Jan. 14, 2019 ~ Jan.
14, 2024		 Energenesis Biomedical Co., Ltd. commissioned the
company for producing and manufacturing the APIs.
Non-
Disclosure
Agreement
Shareholders’
Agreement		 Veolia Aug. 12, 2020 ~ Introducing advanced technology of Veolia, purifying
and re-using the chemical solutions in the pharmaceutic
process, also promoting the circular economic
development.

Lease
Agreement for
the Plant		 Cheng Fong
Chemical Co.,
Ltd.		 Mar. 1, 2021 ~ Aug.
31 2021		 Leasing a plant and related equipment from Cheng Fong
Chemical Co., Ltd while also stationing employees for
production and manufacturing.

102

Commissioning
Manufacturing
Agreement		 Everlight
Chemical
Industrial Co.		 Mar. 1, 2021 ~ Aug.
31 2021		 The company commissioned Everlight Chemical
Industrial Co. to manufacture an API required for a
clinical trial with its manpower, plant, and equipment.
Agreement of
commissioning
construction on
the land owned
by the company		 ECO Technical
Service CO.		 Oct. 19, 2021 ~ Service Agreement on the construction of the plant in
Guanyin.
Mid-Term Loan
Agreement		 Mega
International
Commercial
Bank, Tao Hsin
Branch		 Five years since the
first loan draw date		 Signed a mid-term loan agreement with the Tao Hsin
Branch of the Mega International Commercial Bank.
Land Lease
Agreement		 Yushan
Pharmaceuticals
Inc.
Nov. 28, 2022~		 Acquire right-of-use assets.
Wastewater
Treatment
Facility Contract		 Framosa Co,
Ltd.		 Nov. 28, 2022~ This facility is entrusted by Framosa to be responsible
for the design, construction and operation (DBO).
Agreement of
commissioning
construction on
the land owned
by the company		 ECO Technical
Service CO.		 Mar. 1, 2023 ~
Dec. 31,2024		 Guanyin factory new project - fire engineering
Agreement of
commissioning
construction on
the land owned
by the company		 ECO Technical
Service CO.		 Mar. 1, 2023 ~
Dec. 31,2024		 Guanyin factory new project - automatic storage
system
Agreement of
commissioning
construction on
the land owned
by the company		 ECO Technical
Service CO.		 Mar. 1, 2023 ~
Dec. 31,2024		 Guanyin factory new project - mechanical and
electrical engineering

103

� 6 Financial Information

104

6.1 Most Recent 5-Year Financial Information

6.1.1 Individual financial information

Condensed Balance Sheet

Unit: Thousand NT$

Unit: Thousand NT$ Unit: Thousand NT$ Unit: Thousand NT$ Unit: Thousand NT$ Unit: Thousand NT$
Year
Item		 Financial Summary for The Last Five Years
2018 2019 2020 2021 2022
Current assets 1,673,068 1,905,404 1,888,734 1,367,820 1,025,618
Available-for-sale financial assets --- --- --- --- ---
Non-current financial assets at fair
value through profit or loss		 --- --- 667,955 --- ---
Non-current financial assets at fair
value through other comprehensive
income		 75,296 137,329 85,697 72,521 66,723
Investment accounted for
using equity method		 354,688 349,723 349,186 401,046 476,237
Property, plant, and equipment 1,563,227 1,557,790 1,180,943 1,778,788 3,101,947
Right-of-use assets --- 2,974 2,568 2,134 77,736
Intangible assets 47,368 47,661 41,319 60,290 54,582
Other assets 75,332 80,496 353,436 507,196 233,550
Total assets
Current
liabilities
Before distribution
After distribution
Non-current liabilities
Total
liabilities
Before distribution
After distribution
Total equity attributable to
owners of the parent		 3,788,979
556,611		 4,081,377
584,164		 4,569,838
1,122,114		 4,189,795
747,837		 5,036,393
771,219
890,449
22,137
578,748		 1,045,179
22,573
606,737		 1,161,857
125,502
1,247,616		 747,837 Note
635,950
1,407,169
121,327
869,164
912,586
3,210,231		 1,067,752
3,474,640		 1,287,359
3,322,222		 869,164
3,320,631		 Note
3,629,224
Common stock 794,853 794,853 794,853 953,824 953,824
Capital surplus
Retained
earnings
Before distribution
After distribution
Other equityinterest		 1,348,339
1,071,827		 1,348,339
1,309,194		 1,348,339
1,208,408		 1,348,339
1,067,397		 1,357,127
1,373,000
737,989
(4,788)		 848,179
22,254		 1,009,695
(29,378)		 Note
(48,929)		 Note
(54,727)
Treasurystocks --- --- --- --- ---
Non-controlling interest
Total
equity
Before distribution
After distribution		 ---
3,210,231		 ---
3,474,640		 ---
3,322,222		 ---
3,320,631		 ---
3,629,224
After distribution 2,876,393 3,013,625 3,282,479 3,320,631 Note

Note � The earnings distribution of 2022 was proposed to be resolved in the Shareholders' meeting.

105

Individual Condensed Statement of Comprehensive Income

Unit: Thousand NT$�earnings per share NT$

Unit: Thousand Unit: Thousand Unit: Thousand NT$�earnings per shareNT$ NT$�earnings per shareNT$
Year
Item		 Financial Summary for The Last Five Years
2018 2019 2020 2021 2022
Operatingrevenue 1,939,913 2,355,747 2,689,222 864,217 899,738
Operating margin
(loss)		 748,943 935,770 1,274,328 208,089 291,179
Net operating
income(loss)		 516,743 697,849 1,052,240 74,316 119,045
Non-operating
income and expense		 28,044 13,311 (597,025) (8,810) 268,775
Profit(loss)before tax 544,787 711,160 455,215 65,506 387,820
Income tax expense 97,550 140,059 95,091 9,810 79,040
Net profit (loss) from
continuingoperations		 447,237 571,101 360,124 55,696 308,780
Income from discontinued
operations		 --- --- --- --- ---
Net profit (loss) for
theyear		 447,237 571,101 360,124 55,696 308,780
Other comprehensive
income (loss)
(income after tax)		 3,979 27,146 (51,528) (17,544) (8,870)
Total comprehensive
income for theyear		 451,216 598,247 308,596 38,152 299,910
Earningsper share 4.69 5.99 3.78 0.58 3.24

106

6.1.2 Consolidated financial information

Consolidated Condensed Balance Sheet

Unit: Thousand NT$

Year
Item		 Year
Item		 Financial Summary for The Last Five Years Financial Summary for The Last Five Years Financial Summary for The Last Five Years Financial Summary for The Last Five Years As of Q1
2018 2019 2020 2021 2022
2023
Current assets 1,706,919 1,936,018 1,918,811 1,397,310 1,042,398 1,033,719
Available-for-sale financial assets --- --- --- --- --- ---
Non-current financial assets at fair
value through profit or loss		 --- --- 667,955 --- --- ---
Non-current financial assets at fair
value through other comprehensive
income		 75,296 137,329 85,697 72,521 66,723
63,212
Investment accounted for
using equity method		 52,447 141,317 139,320

Property, plant, and equipment		 1,884,164 1,876,999 1,500,152 2,097,997 3,193,144 3,449,235
Right-of-use assets --- 2,974 2,568 2,134 1,013 610
Investment Property --- --- --- --- 228,012 228,012
Intangible assets 47,368 47,661 41,319 60,290 54,582 52,468
Other assets 75,332 80,496 353,436 507,196 233,350 249,785
Total assets 3,789,079 4,081,477 4,569,938 4,189,895 4,960,539 5,216,361
Current Before
distribution		 556,711 584,264 1,122,214 747,937 770,315 896,225
liabilities After
distribution		 890,549 1,045,279 1,161,957 747,937 Note ---
Non-current liabilities 22,137 22,573 125,502 121,327 561,000 630,985
Tl libilii Before
distribution		 578,848 606,837 1,247,716 869,264 1,331,315 1,527,210
ota ates
After
distribution
Total equity attributable to
owners of the parent		 912,686
3,210,231		 1,067,882
3,474,640		 1,287,459
3,322,222		 869,264
3,320,631		 Note
3,629,224		 ---
3,689,151

Common stock		 794,853 794,853 794,853 953,824 953,824 953,824
Capital surplus 1,348,339 1,348,339 1,348,339 1,348,339 1,357,127 1,357,127
Retained Before
distribution		 1,071,827 1,309,194 1,208,408 1,067,397 1,373,000 1,436,438
earnings After
distribution		 737,989 848,179 1,009,695 1,067,397 Note ---
Other equityinterest (4,788) 22,254 (29,378) (48,929) (54,727) (58,238)
Treasurystocks --- --- --- --- --- ---
Non-controlling interest --- --- --- --- --- ---
Before
distribution		 3,210,231 3,474,640 3,322,222 3,320,631 3,629,224 3,689,151
Total equity After
distribution		 2,876,393 3,013,625 3,282,479 3,320,631 Note ---

Note : The earnings distribution of 2022 was proposed to be resolved in the Shareholders' meeting.

107

Consolidated Condensed Statement of Comprehensive Income
Unit: Thousand NT$�earningsper shareNT$
Year
Item
Operating revenue
Operating margin
(loss)
Net operating
income (loss)
Non-operating
income and expense
Profit (loss) before tax
Income tax expense
Net profit (loss) for
the year
Other comprehensive
income (loss)
(income after tax)
Total comprehensive
income for the year		 Financial Summary for The Last Five Years As of Q1
2018
1,939,913
748,943
515,566
29,221
544,787
97,550
447,237
3,979
451,216		 2019
2,355,747
935,770
697,121
14,039
711,160
140,059
571,101
27,146
598,247		 2020
2,689,222
1,274,328
1,051,578
(596,363)
455,215
95,091
360,124
(51,528)
308,596		 2021
864,217
208,089
73,658
(8,152)
65,506
9,810
55,696

(17,544)
38,152		 2022
899,738
291,179
118,970
268,850
387,820
79,040
308,780
(8,870)
299,910
2023
347,779
123,012
78,781
(57)
78,724
15,286
63,438
(3,511)
59,927
Earnings per share 4.69 5.99 3.78 0.58 3.24 0.67

6.1.3 Names of the CPAs for the 5 most recent fiscal years and audit opinions

Year Name of the CPA Audit opinions
2018 KPMG DaisyKuo and SwimmingHsu Unqualified opinion
2019 KPMG DaisyKuo and SwimmingHsu Unqualified opinion
2020 KPMG DaisyKuo and SwimmingHsu Unqualified opinion emphasizes special matters
2021 KPMG DaisyKuo and SwimmingHsu Unqualified opinion
2022 KPMG DaisyKuo and SwimmingHsu Unqualified opinion

108

6.2 Five-year financial analysis

6.2.1 Individual Financial Analysis

6.2.1 Individual Financial Analysis 6.2.1 Individual Financial Analysis 6.2.1 Individual Financial Analysis 6.2.1 Individual Financial Analysis 6.2.1 Individual Financial Analysis
Year
Item analyzed
Financial
structure
(%)
Debt Ratio
Ratio of long-term capital to
property, plant and equipment
Solvency
(%)
Current ratio
Quick ratio
Interest earned ratio (times)
Operation
performance
Accounts receivable turnover
(times)
Average collection period
Inventory turnover (times)
Accounts payable turnover
(times)
Average days in sales
Property, plant, and
equipment turnover (times)
Total asset turnover(times)
Profitability
Return on total assets (%)
Return on equity (%)
Profit ratio (%)
Earnings per share (NT$)
Cash flow
Cash flow ratio (%)
Cash flow adequacy ratio (�)
Cash reinvestment ratio (�)
Leverage
Operating leverage
Financial leverage		 Financial Summary for The Last Five Years

2018
15.27
206.78
300.58
209.34
272,394.5
6.87
53
2.42
19.16
151
1.28
0.55
12.63
14.57
23.05
4.69
86.93
119.85
6.77
1.45
1.00		 2019
14.87
224.50
326.18
231.82
13,677.15
6.34
58
2.76
15.48
132
1.51
0.60
14.51
17.09
24.24
5.99
135.59
126.83
9.47
1.34
1.00		 2020
27.30
291.95
168.32
131.43
10,587.40
7.79
47
3.12
16.15
117
1.96
0.62
8.33
10.60
13.39
3.78
86.63
128.48
16.57
1.21
1.00		 2021
20.74
193.50
182.90
138.84
1,598.71
4.11
89
1.94
11.45
188
0.58
0.20
1.27
1.68
6.44
0.58
37.55
112.51
6.51
2.80
1.00		 2022
27.94
137.50
132.99
64.65
242.18
7.01
52
1.51
14.77
242
0.37
0.20
6.72
8.89
34.32
3.24
38.32
83.96
6.31
2.45
1.01

109

Description of causes for changes in financial ratios in the most recent two years. (Analysis is not required if the change is within 20 %.)

  1. Increase in debt ratio: Due to the payment of capital expenditures and compensation for disaster losses of neighboring factories, current financial assets at fair value through profit or loss were disposed of in 2022. However, it was still necessary to borrow from banks, resulting in an increase in liabilities.

  2. Decrease in the ratio of long-term capital to Property, plant, and equipment & property, plant and equipment turnover rate: Due to the construction of the Guanyin plant and the reconstruction of the Luzhu plant resulted in an increase in Property, plant, and equipment.

  3. Decrease in current ratio and quick ratio:Due to the payment of capital expenditures and compensation for disaster losses of neighboring factories resulted in a decrease in cash equivalents and current financial assets at fair value through profit or loss, as well as an increase in current liabilities.

  4. Decrease in times interest earned : In 2022, the amount of bank borrowings increased by approximately 550 million, leading to an increase in borrowing interest expenses.

  5. Increase in accounts receivable turnover and decrease in average collection period: In 2022, the sales revenue increased by 35.521 million compared to 2021, with a growth rate of 4.11%. The average accounts receivable in 2022 decreased by 82.092 million compared to 2021, with a decrease rate of 39.02%. This was mainly due to the impact of fire accident in 2021, which resulted in a significant decrease in revenue and accounts receivable during that period. The accounts receivable amount in 2021 decreased significantly from 337.749 million at the beginning of the period to 82.976 million, resulting in a significantly higher average accounts receivable in 2021 than in 2022. Therefore, although the sales revenue increased by 4.11% in 2022, the reduction in the average accounts receivable was even greater.

  6. Decrease in inventory turnover and increase in average days in sales :In 2022, the production capacity in the factory has recovered, and the company was able to produce active pharmaceutical ingredients (APIs), which resulted in an increase in raw material inventory and batch production quantities. As a result, the ending inventory amount has increased significantly.

  7. Increase in accounts payable turnover: In 2022, the production capacity gradually recovers, resulting in an increase in demand for raw materials and an increase in accounts paya ble at the end of the period.

  8. Increase in return on assets and equity, profit margin, and EPS: The significant increase in non-operating income in 2022, including insurance claim proceeds, reversal of estimated losses for compensation to neighboring factories, and foreign exchange gains, resulted in a substantial increase in net profit after tax.

  9. Decrease in Cash flow adequacy ratio:The significant increase in capital expenditure due to the construction of Guanyin plant and the reconstruction of Luzhu plant, combined with the impact of the fire accident, resulted in a significant decrease in net cash flow from operating activities in the past two years.

  10. Financial structure

  11. (1) Debt Ratio = Total liabilities / Total assets

  12. (2) Ratio of long-term capital to Property, plant, and equipment = (Net shareholder equity + Long-term liabilities)

    • / Net Property, plant, and equipment (Individual report analysis calculations include investment real estate)

  13. Solvency

  14. (1) Current ratio = Current assets / Current liabilities

  15. (2) Quick ratio = (Current asset – inventory-prepaid expense) / Current liabilities

  16. (3) Interest earned ratio = Earnings before interests and taxes (EBIT) / Interest expenses over this period

  17. Operating performance

  18. (1) Accounts receivable turnover (including accounts receivable and notes receivable resulted from business operation) = Net sales / Average balance of account receivable (including accounts receivable and notes receivable resulted from business operation)

  19. (2) Average collection period = 365 / Accounts receivable turnover

  20. (3) Inventory turnover = Cost of goods sold / Average inventory

  21. (4) Accounts payable turnover (including accounts payable and notes payable resulted from business operation) = Cost of goods sold / Average balance of account payable (including accounts payable and notes payable resulted from business operation)

  22. (5) Average days in sales = 365 / Inventory turnover

  23. (6) Property, plant, and equipment turnover = Net sales / Average net Property, plant, and equipment (Individual report analysis calculations include investment real estate)

  24. (7) Total asset turnover = Net sales / Average total asset

  25. Profitability

  26. (1) Return on total assets = [ Net income + Interest expenses x (1 - tax rate)] / Average total asset

  27. (2) Return on equity = Net income / Average total equity

  28. (3) Profit ratio = Net income / Net sales

  29. (4) Earnings per share (EPS) = (Net income - preferred shares dividend) / Weighted average stock shares issued

  30. Cash flow

  31. (1) Cash flow ratio = Net cash flow from operating activities / Current liabilities

110

  • (2) Cash flow adequacy ratio = Net cash flow from operating activities within five year / (Capital expenditure + Inventory increase + Cash dividend) within five year

  • (3) Cash reinvestment ratio = (Net cash flow from operating activities - Cash dividends) / (Total fixed assets + Long-term investments + Other assets + Working capital)

  • Leverage

  • (1) Operating leverage = (Net operating income - Operating variable cost and expense) / Operating income

  • (2) Financial leverage = Operating income / (Operating income - Interest expense)

111

6.2.2 Consolidated Financial Analysis

6.2.2 Consolidated Financial Analysis 6.2.2 Consolidated Financial Analysis 6.2.2 Consolidated Financial Analysis 6.2.2 Consolidated Financial Analysis 6.2.2 Consolidated Financial Analysis
Year
Item analyzed
Financial Summary for The Last Five Years		 As of Q1
2023
2018 2019 2020 2021 2022
Financial
structure
(%)		 Debt Ratio 15.28 14.87 27.30 20.75 26.84 29.28
Ratio of long-term capital to
property, plant and
equipment		 171.55 186.32 229.82 164.06 131.23 125.25
Solvency
(%)		 Current ratio 306.61 331.36 170.98 186.82 135.32 115.34
Quick ratio 215.38 237.02 134.10 142.76 66.91 56.28
Interest earned ratio (times) 272,394.5 13,677.15 10,587.40 1,598.71 362.77 47.15
Operation
performance		 Accounts receivable
turnover(times)		 6.87 6.34 7.79 4.11 7.01 6.39
Average collection period 53 58 47 89 52 57
Inventory turnover (times) 2.42 2.76 3.12 1.94 1.51 1.69
Accounts payable
turnover(times)		 19.16 15.48 16.15 11.45 14.77 18.34
Average days in sales 151 132 117 188 242 216
Property, plant, and
equipment turnover(times)		 1.06 1.25 1.59 0.48 0.34 0.41
Total asset turnover(times) 0.55 0.60 0.62 0.20 0.20 0.27
Profitability Return on total assets (%) 12.63 14.51 8.33 1.27 6.77 ���
Return on equity (%) 14.57 17.09 10.60 1.68 8.89 ���
Profit ratio (%) 23.05 24.24 13.39 6.44 34.32 18.56
Earnings per share (NT$) 4.69 5.99 3.78 0.58 3.24 0.67
Cash flow Cash flow ratio (%) 86.25 135.49 86.57 37.47 38.50 ���
Cash flow adequacy ratio (�) 104.53 126.53 128.32 112.37 83.92 ���
Cash reinvestment ratio (�) 6.75 9.46 16.55 6.49 6.77 ���
Leverage Operating leverage 1.45 1.34 1.21 2.83 2.45 1.56
Financial leverage 1.00 1.00 1.00 1.00 1.01 1.02
Description of causes for changes in financial ratios in the most recent two years.
(Analysis is not required if the change is within 20 %.)
1. Increase in debt ratio: Due to the payment of capital expenditures and compensation for disaster losses of neighboring
factories, current financial assets at fair value through profit or loss were disposed of in 2022. However, it was still
necessary to borrowfrombanks,resultinginan increasein liabilities.

112

  1. Decrease in the ratio of long-term capital to Property, plant, and equipment & property, plant and equipment turnover rate: Due to the construction of the Guanyin plant and the reconstruction of the Luzhu plant resulted in an increase in Property, plant, and equipment.

3.Decrease in current ratio and quick ratio:Due to the payment of capital expenditures and compensation for disaster losses of neighboring factories resulted in a decrease in cash equivalents and current financial assets at fair value through profit or loss, as well as an increase in current liabilities.

4.Decrease in times interest earned : In 2022, the amount of bank borrowings increased by approximately 550 million, leading to an increase in borrowing interest expenses.

5.Increase in accounts receivable turnover and decrease in average collection period:

In 2022, the sales revenue increased by 35.521 million compared to 2021, with a growth rate of 4.11%. The average accounts receivable in 2022 decreased by 82.092 million compared to 2021, with a decrease rate of 39.02%. This was mainly due to the impact of fire accident in 2021, which resulted in a significant decrease in revenue and accounts receivable during that period. The accounts receivable amount in 2021 decreased significantly from 337.749 million at the beginning of the period to 82.976 million, resulting in a significantly higher average accounts receivable in 2021 than in 2022. Therefore, although the sales revenue increased by 4.11% in 2022, the reduction in the average accounts receivable was even greater.

6.Decrease in inventory turnover and increase in average days in sales :In 2022, the production capacity in the factory has recovered, and the company was able to produce active pharmaceutical ingredients (APIs), which resulted in an increase in raw material inventory and batch production quantities. As a result, the ending inventory amount has increased significantly.

7.Increase in accounts payable turnover: In 2022, the production capacity gradually recovers, resulting in an increase in demand for raw materials and an increase in accounts payable at the end of the period.

8.Increase in return on assets and equity, profit margin, and EPS: The significant increase in non-operating income in 2022, including insurance claim proceeds, reversal of estimated losses for compensation to neighboring factories, and foreign exchange gains, resulted in a substantial increase in net profit after tax.

9.Decrease in Cash flow adequacy ratio:The significant increase in capital expenditure due to the construction of Guanyin plant and the reconstruction of Luzhu plant, combined with the impact of the fire accident, resulted in a significant decrease in net cash flow from operating activities in the past two years.

  1. Financial structure

  2. (1) Debt Ratio = Total liabilities / Total assets

  3. (2) Ratio of long-term capital to Property, plant, and equipment = (Net shareholder equity + Long-term liabilities)

  4. / Net Property, plant, and equipment (Individual report analysis calculations include investment real estate)

  5. Solvency

  6. (1) Current ratio = Current assets / Current liabilities

  7. (2) Quick ratio = (Current asset – inventory-prepaid expense) / Current liabilities

  8. (3) Interest earned ratio = Earnings before interests and taxes (EBIT) / Interest expenses over this period

  9. Operating performance

  10. (1) Accounts receivable turnover (including accounts receivable and notes receivable resulted from business operation) = Net sales / Average balance of account receivable (including accounts receivable and notes receivable resulted from business operation)

  11. (2) Average collection period = 365 / Accounts receivable turnover

  12. (3) Inventory turnover = Cost of goods sold / Average inventory

  13. (4) Accounts payable turnover (including accounts payable and notes payable resulted from business operation) = Cost of goods sold / Average balance of account payable (including accounts payable and notes payable resulted from business operation)

  14. (5) Average days in sales = 365 / Inventory turnover

  15. (6) Property, plant, and equipment turnover = Net sales / Average net Property, plant, and equipment (Individual report analysis calculations include investment real estate)

  16. (7) Total asset turnover = Net sales / Average total asset

  17. Profitability

  18. (1) Return on total assets = [ Net income + Interest expenses x (1 - tax rate)] / Average total asset

  19. (2) Return on equity = Net income / Average total equity

  20. (3) Profit ratio = Net income / Net sales

  21. (4) Earnings per share (EPS) = (Net income - preferred shares dividend) / Weighted average stock shares issued

  22. Cash flow

  23. (1) Cash flow ratio = Net cash flow from operating activities / Current liabilities

  24. (2) Cash flow adequacy ratio = Net cash flow from operating activities within five year / (Capital expenditure + Inventory increase + Cash dividend) within five year

  25. (3) Cash reinvestment ratio = (Net cash flow from operating activities - Cash dividends) / (Total fixed assets + Long-term investments + Other assets + Working capital)

  26. Leverage

  27. (1) Operating leverage = (Net operating income - Operating variable cost and expense) / Operating income

113

(2) Financial leverage = Operating income / (Operating income - Interest expense)

114

6.3 Audit Committee’s review report for the most recent year

SCI PHARMTECH, INC.

Audit Committee’ Review Report

2022 Consolidated Financial Statement and Individual Financial Statements of the Company submitted by the Board of the Directors, have been audited by CPA Daisy Kuo and Swimming Hsu of KPMG. All Audit Committee members of the Company have verified the above along with the Company's Business Report and Earnings Distribution, and we are of the opinion that misstatement has not been found. Hence, we have issued the above statement for your reference and inspection in accordance with Article 14-4 of Securities and Exchange Act. and Article 219 of the Company Act.

To

2023 Annual Shareholders’ Meeting

Audit Committee Convenor: Te-cheng Tu

March 14, 2023

115

  • 6.4 The Audited Consolidated Financial Report for the most Recent Fiscal Year � Please refer to attachment 8.

  • 6.5 The Audited Parent Company only Financial Report for the most Recent Fiscal Year� Please refer to attachment 9.

  • 6.6 If the company or its affiliates have experienced financial difficulties in the most recent fiscal year or during the current fiscal year up to the date of publication of the annual report, the annual report shall explain how said difficulties will affect the company's financial situation : None

116

� 7 Review of Financial Conditions, Operating Results, and Risk Management

117

7.1 Financial Status:

Analysis of financial situation

Unit: Thousand NT$

Year
Item
2022		 2021 Difference Difference
Amount %
Current assets 1,042,398 1,397,310 (354,912) (25.39)
Non-current financial assets at fair
value throughprofit or loss		 66,723 72,521 (5,798) (7.99)
Non-current financial assets at fair
value through other comprehensive
income		 141,317 52,447 88,870 169.44
Property, plant, and equipment 3,193,144 2,097,997 1,095,147 52.19
Right-of-use assets 1,013 2,134 (1,121) (52.53)
Intangible assets 54,582 60,290 (5,708) (9.46)
Investment Property 228,012 --- 228,012 NA
Deferred tax assets 167,252 241,552 (74,300) (30.75)
Other non-current assets 66,098 265,644 (199,546) (75.11)
Total assets 4,960,539 4,189,895 770,644 18.39
Current liabilities 770,315 747,937 22,378 2.99
Non-current liabilities 561,000 121,327 439,673 362.38
Total liabilities 1,331,315 869,264 462,051 53.15
Common stock 953,824 953,824 0 0
Capital surplus 1,357,127 1,348,339 8,788 0.65
Retained earnings 1,373,000 1,067,397 305,603 28.63
Other equity (54,727) (48,929) (5,798) (11.84)
Total equity 3,629,224 3,320,631 308,593 (9.29)
Analysis of changes in ratios :
1.
Decreased current assets: Due to the payment of capital expenditures and compensation for disaster losses of neighboring
factories resulted in a decrease in cash equivalents and current financial assets at fair value through profit or loss.
2.
Increased non-current financial assets at fair value through other comprehensive income: In 2022, there was an increase
in investments of 77.75 million in Framosa Co, Ltd., as well as a new investment in HoneyBear Biosciences, Inc..
3.
Increased property, plant, and equipment: Due to the construction of the Guanyin plant and the reconstruction of the
Luzhu plant resulted in an increase in Property, plant, and equipment.
4.
Decreased deferred tax assets: In 2022, the settlement compensation with fire-damaged suppliers and the estimated
reversal of neighboring factories compensation losses resulted in a decrease in the amount of disaster compensation
losses for current provisions.

118

  1. Decreased other non-current assets: As buildings, equipment, and construction-in-progress are gradually completed, prepayments for equipment decreases.

  2. Increased non-current liabilities & liabilities: Long-term loans were borrowed from banks in 2022 for the purpose of building construction and equipment purchases.

  3. Increased retained earnings: The significant increase in net profit for this period is attributed to the notable increase in operating gross profit, as well as the increase in non-operating income from insurance claims, estimated neighboring factory compensation loss reversal, and foreign currency exchange gains.

Note : The analysis would not be required if the change is within 20% with the amount exceeding NT$10 million.

7.2 Operation Results:

7.2.1 Analysis of financial performance

Unit: Thousand NT$

Item
Operating revenue
Operating cost
Operating margin
Operating expenses
Selling expenses
Administrative expenses
R&D expenses
Net operating income
Non-operating income and expense
Profit before tax
Income tax expense
Net profit for the year
Other comprehensive income
Total comprehensive income for the year		 2022
899,738
608,559		 2021
864,217
656,128		 Difference
amount
35,521
(47,569)		 Proportion of
change�
4.11
(7.24)
39.93
2.63
49.43
30.65
61.51
3,397.96
492.03
705.70
454.40
49.44
686.09
291,179
50,404
82,156
39,649		 208,089
49,108
54,976
30,347		 83,090
1,296
27,180
9,302
118,970
268,850		 73,658
(8,152)		 45,312
277,002
387,820
79,040		 65,506
9,810		 322,314
69,230
308,780
(8,870)		 55,696
(17,544)		 253,084
8,674
299,910 38,152 261,758

119

Analysis of changes in ratios :

  1. Increase in gross profit & net operating profit: In 2022, as the production capacity gradually recovers, the company gives priority to producing high gross margin products. In addition, the business department has made every effort to maintain the selling prices of products, resulting in a significant increase in gross profit.

  2. Increase in administrative expenses: Due to the increase in variable salary expenses such as employee compensation.

  3. Increase in non-operating income and expense: Due to the increase in insurance claims income, estimated neighboring factory compensation loss reversal, and foreign currency exchange gains.

  4. Increase in profit before tax � income tax expense � net profit for the year & other comprehensive income: In addition to the significant increase in operating gross profit, the company's profits mainly come from nonoperating income.

Note : The analysis would not be required if the change is within 20% with the amount exceeding NT$10 million.

7.2.2 Estimated sales volume and its basis:

  1. Estimated sales volume:
Item Sales Volume (Ton)
APIs 261
API Intermediate 115
Others 0
Total 376

2. Estimated sales basis:

The expected sales volume in the above chart is based on the company's 2023 Annual Budget approved by the board of directors. The estimation is mainly based on the demands from customers as well as the restoration of in-house capacity. With the capacity increase, the sales revenue is expected to grow compared with that of the previous year.

  • 7.2.3 Possible impact on the future finance of the Company and response measures : The current production capacity of the company has recovered to about 40%, and it is expected to recover to 70% by the end of the second quarter. Insufficient supply is still the main problem until the production capacity is fully restored. Some customers have established new suppliers during the company's supply interruption, which may face the risk of customer loss in the future. After the reconstruction of the Luzhu plant and the operation of the Guanyin plant, how to cope with external competition and improve production capacity utilization will be the main issue for the company. The following is the response measures:

  • By the fourth quarter of 2022, the Luzhu plant is expected to fully recover its production capacity, and the Guanyin plant is scheduled to begin trial production in the first half of 2024. Overall production capacity is expected to exceed pre-disaster levels.

  • Plan production schedule to process the accumulated orders and maintain the relationship with our clients.

  • Build up the connection with medications’ originators and expand CDMO businesses. Expand our business operations and continuously improve and optimize our product processes to enhance production efficiency.

  • Promote circular economy and reduce the environmental impact of business operations while lowering operating costs and increasing competitiveness.

120

7.3 Cash flow:

7.3.1 Analysis and explanations of changes in cash flow in the 2 most recent fiscal years

( if the change is within 20% )

Year
Item
December 31, 2022		 December 31, 2021 Proportion of change %
Cash flow ratio % 38.50 37.47 2.74
Cash flow adequacy ratio % 83.92 112.37 (25.31)
Cash reinvestment ratio % 6.77 6.49 4.31
Analysis of changes in ratios :
Decrease in Cash flow adequacy ratio:The significant increase in capital expenditure due to the
construction of Guanyin plant and the reconstruction of Luzhu plant, combined with the impact of
the fire accident, resulted in a significant decrease in net cash flow from operating activities in the
past two years.

7.3.2 Analysis of cash liquidity in 2022

Unit: Thousand NT$

Cash at
Cash flows from
Cash outflow
Sum of cash
Remedial measures
beginning
operating
for the entire
surplus
for cash inadequacy
of year (1)
activities for the
year (3)
(inadequacy)
entire year (2)
(1)+(2)-(3)
Investment plan
Financial plan
332,231
296,565
461,968
166,828
�
�
1. Analysis of the cash flow changes of the year:
(1) Operating activities:
The net cash inflow from operating activities is NT$296,565 thousand , which is
less than the net profit after tax of NT$308,780 thousand. However, the positive
net cash inflow from operating activities indicates that the quality of the company
earnings is still decent maintained.
(2) Investment activities:
The net cash inflow from investing activities is NT$1,009,087 thousand , which
is mainly due to expenditures on rebuilding production lines, equipment, and
constructing the Guanyin plant.
(3) Funding activities:
The net cash outflow from funding activities is NT$547,119 thousand was mainly
due to the company's borrowing from banks in 2022 for the purpose of constructing
a factory building, purchasing equipment, and working capital.
2. Remedial actions for cash shortfall and the liquidity analysis:
The company has already utilized a bank loan of approximately 550 million in 2022.

The net cash inflow from operating activities is NT$296,565 thousand , which is less than the net profit after tax of NT$308,780 thousand. However, the positive net cash inflow from operating activities indicates that the quality of the company earnings is still decent maintained.

The net cash outflow from funding activities is NT$547,119 thousand was mainly due to the company's borrowing from banks in 2022 for the purpose of constructing a factory building, purchasing equipment, and working capital. 2. Remedial actions for cash shortfall and the liquidity analysis: The company has already utilized a bank loan of approximately 550 million in 2022.

121

7.3.3 Cash liquidity analysis for the following year

Unit: Thousand NT$

Unit: Thousand NT$
Cash at
Expected cash
Expected cash
Expected sum of
Remedial measures
beginning
flows from
outflow for the
cash surplus (or		 for cash inadequacy
of year (1)
operating
entire year (3)
inadequacy)
activities for the
(1)+(2)-(3)		 Investment plan
Financial plan
entire year (2)
166,828
918,000
2,073,000
(988,172)		 �
As noted in 2
1. Analysis of the projected cash flow changes for 2023:
(1) Projected net cash flow from operating activities within the year:
The projected cash outflow from operating activities is NT$918,000 thousand.
(2) Projected net cash outflow within the year:
The company plans to continue rebuilding production lines and constructing the
Guanyin factory.
2. Projected Remedial Actions for Cash Shortfall and the liquidity analysis:
At the end of 2022, the amount of bank borrowings was approximately 550 million.
The total credit line from the bank is about 1.92 billion,and there is still a remaining
borrowing capacity of 1.37 billion that can be utilized.

7.4 Impact of major capital expenditures on the financial business in the most recent year :

The major capital expenditures in 2022 were for the construction of the Guanyin factory and the

reconstruction of factory buildings and equipment in the Luzhu factory.

  • 7.4.1 Expected benefits :

  • Considering the growing demand in the pharmaceutical market and the risk of relying on a single factory, the company has decided to construct the Guanyin factory to maintain its sustainable

development momentum. The Guanyin factory will introduce an automated warehousing system and packaging equipment, and its level of intelligence will be higher than that of the Luzhu factory. Initially, two production lines will be built, and two more can be added later depending on business growth. The maximum capacity will be able to provide approximately 50% of the production capacity equivalent to the Luzhu factory.

  1. The company continues to rebuild the factory buildings and equipment damaged by fire and gradually recover production capacity.

  2. 7.4.2 Possible risks : If the utilization rate of the production capacity is not high enough after the operation started, it will affect the profitability of the company’s main business.

  3. 7.4.3 Response measures : By strengthening the business team, expanding operational reach, and optimizing the product portfolio, the company aims to increase profitability.

7.5 Policy on investment in other companies, main reasons for profit / losses resulting therefrom, improvement plan, and investment plans for the upcoming fiscal year :

  • 7.5.1 Policy on investment in other companies, main reasons for profit / losses resulting therefrom,

  • improvement plan :

122

  1. The reinvestment policy of the company is to invest in related fields of the medical and pharmaceutical industries, or businesses that can generate synergy with the major business of the company.

  2. The main reasons for the company's profit or loss from reinvestment, and the improvement plan:

Name of
investee
Yushan
Pharmaceuticals
Inc.
Framosa Co.		 Original
investment
amount
( thousands)
351,900
143,750		 Percentage
of
ownership
100%
25%		 Share of
profit or
losses of
investee
( thousands)
860
(12,102)		 Major factors behind
gain or loss
The land in Guanyin has
been rented out since
2022, resulting in an
increase in rental income
f o r t h e c o m p a n y .
The construction of the
p l a n t i s u n d e r w a y
according to the planned
schedule, and it is
expected to commence
operation in 2024. As of
2022, there is no sales
r e v e n u e y e t .		 Strategy for
improvement




N/A






The principle is to
invest with a long-term
strategic approach and
t o c o n t i n u o u s l y
evaluate with prudence.






The principle is to
invest with a long-term
strategic approach and
t o c o n t i n u o u s l y
evaluate with prudence.
HoneyBear
Biosciences,
Inc.		 15,000 6.09% (461) T h e c o m p a n y w a s
founded in 2021 and
focused on developing
antibody-drug conjugate
(ADC) research. As of
2022, there is no sales
r e v e n u e y e t .

  • 7.5.2 Investment plans for the upcoming fiscal year :

  • The Guanyin factory has approved a supplementary budget plan during the board of directors meeting on December 26, 2022, with a total construction budget of NTD 2.02 billion. The building is expected to be completed by the end of May 2023. In 2023, two production lines and necessary systems such as fire protection, clean room and storage will be built first. After completing the verification , trial production is planned for the first half of 2024. It is estimated that it can provide 25% of the production capacity of the Luzhu factory. The Guanyin factory can accommodate four production lines, about 50% of the production capacity of the Luzhu factory, and will build a new production line in 2027 and 2029 according to demand.

  • 7.6 For risks, the following items shall be analyzed and assessed for the most recent year up to the printing date of this annual report :

  • 7.6.1 The policies and organizational structure of risk management: The Risk Management Policy and Procedure please refer to Attachment 6.

    1. Policies: The company’s risk management policy is to establish a risk management mechanism to identify, evaluate, supervise, and control risks following the company’s operating policies, and to achieve the goals of rationalizing the risks and the reward within the tolerable scope of risk.

123

  1. Authority and responsibilities of each unit in the organisation:

  2. (1) Board of Directors:

This is the highest authority of the company’s risk management, and is in charge of approving, reviewing, and supervising the company’s risk policies, ensuring the management structure and the operation of risk control functions.

  • (2) Audit Committee:

Serves as the supervisory unit for the company's risk management related operational mechanisms. It is responsible for reviewing risk management policies, procedures, and frameworks to ensure that risk management mechanisms can fully address the risks faced by the company. It also designates personnel (at least once a year) to report to the board of directors o n t h e i m p l e m e n t a t i o n o f r i s k m a n a g e m e n t .

  • (3) President Office:

The unit is in charge of planning the operational strategy, also supervising and implementing its execution to fulfill the effectiveness and efficiency of the operation, reducing the operational and strategic risks. This unit is also in charge of legal risk management, compliance with the government monitoring measures, and determining possible agreement disputes or legal disputes to reduce the legal risks; responsible for the related risks of climate change and e x p l o r i n g t h e o p p o r t u n i t i e s t h a t a r i s e f r o m t h e m .

  • (4) Audit Office:

The unit is in charge of evaluating the key risks matters, which shall be referenced for the audit plan operation. This unit is also in charge of enacting or amending the related control procedures and practices for possible risks.

  • (5) IT Office:

The unit is in charge of overall planning and set-up of the ERP information equipment and the enterprise network, and is also responsible for managing the Internet information security to reduce the information security risks.

  • (6) Safety Office:

The unit is in charge of the planning and execution of the industrial safety and health practices to comply with the related laws and regulations, and reduce the related risks.

  • (7) Business Department:

  • In the aspect of business:

The unit is in charge of the development of clients and products, as well as enacting the transaction terms and conditions based on the relationship with the client, the client’s financial condition, and the political and economic condition of the client’s location to prevent the risks of unable to receive the account receivables.

In the aspect of purchasing:

The unit is in charge of the management of a decent supply chain, ensuring the stable supply of raw materials, their qualities meeting the specification, and the stability of the price, to reduce the risks of daily operations.

  • (8) Research & Development Department:

  • The unit is in charge of evaluating and ensuring the development of new products does not involve the risk of violating others' patents and intellectual properties. This unit is also in charge of the management of patents and intellectual properties.

  • (9) Quality Assurance and Quality Control Department:

  • The unit is in charge of ensuring the products are manufactured following the GMP and standards demanded by the clients, while also complying with the regulations of health competent authorities in different countries, to reduce the risks of relating to decreases in quality and client complaints.

  • (10) Production Department:

The unit is in charge of ensuring the production operation is following the schedule and

124

related SOP to prevent the risks of delayed shipments or production disruptions.

  • (11) Production Management Department:

  • The unit is in charge of optimizing the quantities of raw materials and final products to control the inventory cost while preventing the shortage of raw materials and finished products. The unit is also in charge of managing the production schedule to improve production efficiency and planning for the requirements of sufficient future capacity to avoid the risk of production capacity shortage.

  • (12) Environmental Protection Department:

  • The unit is in charge of planning and implementing the environmental protection policies to maintain compliance with related laws and regulations and reduce the related risks.

  • (13) Engineering Department:

  • The unit is in charge of the design and execution of the plant construction to ensure the plant and equipment meet the standard of the clients and the health-related authorities of different countries. This unit is also responsible for the preventive maintenance of the plant and equipment to reduce the risk of ceasing production due to the damaged production equipment.

  • (14) Finance and Administration Department:

  • The unit is in charge of the risk management for assets and compliance with the related laws and regulations from the government to ensure the sustainable operation of the company and the security of its assets. This unit is also responsible for evaluating the medium- and longterm investment performance, the financial operations and adjustment, the establishment of a hedging mechanism, and achieving the reliability of financial reports and compliance with

  • laws and regulations to reduce the financial-related risks.

  • The company reports to the Board of Directors with the operational condition regularly every year, the latest company report to the Board of Directors have been conducted on December 26, 2022, and the operational conditions are as follows

    • (1) Operational risks - Supply chain risks:

  • A. Evaluate: a.Mandatory suspension of the PRC supplier operations for environmental protection reasons. 

           - b.Impacts of COVID-19 lockdowns on supply.

 - B. Impact: In 2022, the factory's production capacity was limited due to the aftermath of the fire accident,therefore the raw materials are not yet in short supply.

 - C. Response: a.To disperse the supply chain.

 - b.To overstock, as possible, raw materials with questionable supply conditions. c.To design multi-functional/multi-purpose production lines so they can be converted to other uses during the affected period.

    • (2) Operational risks - EHS risks:

    • A. Evaluate: a.Being in the chemical manufacturing industry carries high potential for fire and toxicity.

  • b.Equipment damage or employee death or injuries due to negligent operations that might lead to suspension of operations.

  • c.Environmental pollution due to negligent operations that might lead to suspension of operations.

  • d.Net zero carbon impact. 

     - B. Impact: : a. In 2022, the company recognized insurance claim income of NT$160 million. After assessing the compensation details submitted by the neighboring factory that suffered damage, the reversal of compensation losses amounted to approximately NT 101.2 million.

    - b. The company's fire insurance premium has increased fourfold.

  • C. Response: a.To execute standard operational procedures faithfully, ensuring adherence to

125

ISO45000 and ISO14000.

  • b.To conduct educational training and fire drills and include environmental pollution and work safety incidents as factors for performance awards and punishments.

  • c.To have fire insurance, the current combined insurance amount of which is

  • about NT$2.1 billion (including insurance for interruption of operations).

  • d.To have Insurances for public accident liability and employer liability.

  • e.To hire external institutions to calculate the carbon footprint of the company’s products.

  • (3) Operational risks - Quality risks:

  • A. Evaluate: Failing a client audit or health authority inspection or receiving warning letters, which create issues in product quality that necessitate remake or scrapping.

  • B. Impact: In 2022, the loss of inventory scrapping was about NT 2.77 million, and the amount of returns and allowances was about NT 5.68 million.

  • C. Response: a.To implement quality assurance policies and good manufacturing practice,

  • ensuring adherence to ISO9000.

  • b.To have introduced the SAP ERP and Master Control softwares for data integrity and launch the Laboratory Information Management System (LIMS) in 2021.

  • c. To have a product liability insurance for US$2 million.

  • (4) Financial risks - Exchange rates risks:

  • A. Evaluate: 90% of the company’s revenue is derived from exports. The quoted price is mainly in US dollars, and the appreciation or depreciation of the currency impacts the company’s revenue significantly.

    • B. Impact: The appreciation and depreciation of NT$1 in the foreign exchange between US dollars and New Taiwan dollars approximately impact 2% of the gross margin. The position of US dollars generates non-operating exchange gains and losses, NT$27.55 million of non-operating exchange gains in 2022, affecting NT$0.23 in EPS after tax.

  • C. Response: a.To increase the product price to maintain the gross margin.

  • b.To undertake Forward Foreign Exchange to reduce exchange gains and losses.

  • (5) Financial risks - FVP&L:

  • A. Evaluate: The current amount of financial assets at fair value through profit or loss is NT $97.54 million, mainly consisting of preferred stocks of financial institutions.

  • B. Impact: a.The preferred shares of financial institutions are paying stable dividends with a

  • dividend income of approximately NT$5.5 million in 2022.

  • b.The valuation gains or losses from the investment positions, generate the valuation losses of NT$14 million in 2022.

  • C. Response: It is expected to dispose of it in 2023.

  • (6) Financial risks PVOCI:

  • A. Evaluate: Currently, the financial assets at fair value through other comprehensive income is NT$66 million with NT$34 million from Sunny Pharmtech Inc. and NT$32 million from Energenesis Biomedical Co., Ltd.

  • B. Impact: Other comprehensive losses in 2022 are approximately NT$5.79 million, mainly the losses on the valuation of Energenesis Biomedical Co., Ltd. and Sunny

126

Pharmtech Inc.

  • C. Response: a.As the investments in those companies are part of a long-term strategy, there

  • is currently no disposal plan.

  • b. Sunny Pharmtech Inc has been listed on the over-the-counter market in 2022, and the company's operation has improved.

  • c.The delays in the OTC listing and the progress of the product licensing of Energenesis Biomedical Co., Ltd. are behind schedule, however, the company is still optimistic about the future development.

  • (7) Financial risks - Credit risks:

  • A. Evaluate: a.For the default risk of account receivables, the current account balance is NT$173 million.

  • b.For the default risk of cash and cash equivalent, the current balance is NT$166 million.

  • B. Impact: There was no bad debt loss in 2022, but there were accounts receivable overdue for more than 360 days, with an amount of approximately NT$4.7 billion, which has been estimated for refund liability for sales returns and allowances.

  • The interest income of cash and cash equivalent generated is approximately NT$ 1 million.

  • C. Response: a.The company shall implement proper client credit investigation, prepayment transactions shall be requested to the clients with concerning status, and factoring of accounts receivables and insurance shall be implemented when necessary.

    • b. The company’s cash deposits are in financial institutions with high credit ratings, which are mainly Mega Bank and JihSun Bank, for USD fixed deposits.

  • (8) Financial risks Others:

  • A. Evaluate: a. Interest rates risks.

  • b. Liquidity risks.

  • c. Inflation risks.

  • B. Impact: a.The amount of interest on the five-year loan from Mega International Commercial Bank that was capitalized in 2022 was approximately NT$2.36 million, and it will be amortized after the operation of the Guanyin factory.

  • b.Interest expense for 2022 was approximately NT$1.07 million.

    • c. Liquidity and inflation would not result in significant impacts on the Company in 2022.

  • C. Response: a. Inflation : Expected cost increases, and raises products prices.

  • b. Liquidity : The credit line for the five-year loan from Mega International Commercial Bank is NT$1 billion, while the credit line for the three-year loan from Bank of Shanghai is NT$150 million. The company may also conduct capital increases if necessary.

  • (9) Strategy risks:

  • A. Evaluate: a.The company joint venture with Veolia to establish the Framosa Co., Ltd in the hope to reduce the consumption and the outsourced processing of chemical solvent, enhancing the competitiveness in operation and meeting the global trend of ESG, thus the company support Framosa to construct its plant and operate within the schedule.

    • b. Construction of a second plant: The plant in Guanyin is to decentralize the

127

  • production locations and stabilize the relationships with clients.

  • B. Impact: a. The company is holding 25% of the shares of Framosa Co., Ltd., allowing it to become one of the company’s affiliated companies. The shareholding ratio will be utilized to recognize the loss on investment (NT$12.1 million of losses recognized in 2022). The decrease in consumption and the outsourced processing of chemical solvent will reduce the operating costs and increase the gross profit margin of products.

  • b. The total investment for the Guanyin Plant is expected to be NT$20.2 billion, if the utilization rate of the production capacity is not high enough after the operation started, it will affect the profitability of the company’s main business.

  • C. Response: a.To support the construction and operation of the Framosa Co., Ltd. under the

  • b.To strengthen the business team, especially the market development capability in Northern America, and to ensure the increase in production capacity utilization.

  • (10) Hazard risks Natural disaster risks:

  • A. Evaluate: a. Taiwan is easily impacted by natural disasters such as typhoons, earthquakes,

  • etc.

  • b. Risks of emerging infectious diseases.

  • B. Impact: No losses related to natural disasters occurred in 2022.

  • C. Response: a.To enact the continuous operation plan of the company.

  • b.To enact the reporting and protection measures of infectious diseases, and

  • implement them accordingly.

  • c.To purchase property insurance, currently the total coverage amounts of insurance is approximately NT$2.1 billion (the scope of insurance includes the stock, machinery equipment, buildings, and the interruption in operation.)

  • (11) Law risks :

  • A. Evaluate: a.Compliance with government laws and orders.

  • b.Investment agreement signed by the President’s Office.

  • c.Non-disclosure agreement and supply agreement signed by the Business and Purchase Department.

  • d.Service agreement and equipment agreement from other departments.

  • B. Impact: None in 2022.

  • C. Response: a.Each department shall assign personnel to review the amendment of laws

  • and regulations and review its impact and the corresponding measures that shall be taken by the company.

  • b.Each department shall review all agreements carefully, and strictly enforce the internal control procedures requiring signatures and seals.

  • c.To commission services from legal firms for special and significant events.

  • d.To consult the opinions of General Counsel from the parent company for special and significant events.

  • (12) Others risks Market risks:

  • A. Evaluate: a.The market for pharmaceuticals grows steadily each year under population growth, aging, and economic growth.

128

b.The risk of losing clients.

  • c.The risk of having excessive ratios of a single product and a single client in the company’s revenues.

  • B. Impact:The disruption of supply due to the fire accident may result in future risks of losing clients.

  • C. Response: a.To continuously enhance the relationship with the clients, speed up the processes of reconstruction, returning to production, and the construction of Guanyin Plant to restore the confidence of our clients.

    • b.To continuously develop new products with the goal of reducing the ratio of a single product to the company’s revenue to below 15%.

  • c.To continuously develop new clients with the goal of reducing the ratio of a single client to the company’s revenue to below 10%.

  • 7.6.2 Policies on high risk, highly leveraged investments, loans to other parties, endorsements, guarantees,

  • and derivatives trading, main reasons for the profits or losses generated thereby, and future response measures:

  • Policy : The Company always focuses on its scope of business and does not engage in high-risk or highly-leveraged investment activities. In 2022, the Company made no capital loan to other parties nor provided any endorsement or guarantee. All derivatives trading were carried out for the purpose of hedging. The Company will continue to strictly abide by related procedures for derivatives trading stipulated by both the competent authorities and the Company, thoroughly review any associated activities and strengthen the controls.

  • Cause of profit or loss: N/A.

  • Future response measures: None.

7.6.3 Future R&D plans and expected R&D investments:

R&D Project Name Current Progress Expected
Completion Time
Mass Production
Time		 Key Factors
Influencing
R&D Success		 Expected
R&D
Investments
Pimobendan Pilot June 2023 Keytechnology Investment of
about NT$ 50million
PGA Process September 2023 Keytechnology
ADC Process December 2023 Keytechnology
Process Carbon

 Process
 December 2024 Key technology

~~R d~~
~~i~~		 ~~i~~
  • operations, and response measures:

The business operation is faced with numerous laws and regulations. The pharmaceutical industry is more subject to the pharmaceutical laws and regulations, such as the Pharmaceutical Affairs Act and Pharmaceutical Good Manufacturing Practice Regulations. As the regulatory environment continues

129

to change and improve, each department of SCI has designated personnel to be responsible for management of changes in laws and regulations. In addition, APIs are related to the quality of preparations, so the Ministry of Health and Welfare implements source management and continuously promotes policies related to API management to ensure that domestic API companies fully comply with PIC/S GMP standards.

  • 7.6.5 Changes in technology and industry, impact on the Company’s finances and operations, and response measures: None.

  • 7.6.6 Changes in the corporate image, impact on the Company’s risk management, and response measures:

  • Evaluate: The company has been operating steadily with stable growth and profitability before

  • the fire accident, and has been maintaining decent financial conditions. However, the fire accident impacted the corporate image and resulted in a decrease in share price.

    1. Response:The company will strive to continue the corporate spirit of maintaining steady operations, accelerating the reconstruction progress with practical and responsible approaches, and increasing revenue and profitability to win back the trust og shareholders and investors.

7.6.7 Expected benefits and possible risks of mergers and response measures: None.

  - 7.6.8 Expected benefits and possible risks of expanding factory buildings and response risks:

  • The major capital expenditures in 2022 were for the construction of the Guanyin factory and the

  • reconstruction of factory buildings and equipment in the Luzhu factory.

  • Expected benefits:

  • ( 1) Considering the growing demand in the pharmaceutical market and the risk of relying on a single factory, the company has decided to construct the Guanyin factory to maintain its sustainable development momentum. The Guanyin factory will introduce an automated warehousing system and packaging equipment, and its level of intelligence will be higher than that of the Luzhu factory. Initially, two production lines will be built, and two more can be added later depending on business growth. The maximum capacity will be able to provide

  • approximately 50% of the production capacity equivalent to the Luzhu factory.

  • (2) The company continues to rebuild the factory buildings and equipment damaged by fire and gradually recover production capacity.

  • Possible risks: If the utilization rate of the production capacity is not high enough after the

operation started, it will affect the profitability of the company’s main business. 3. Response measures:. By strengthening the business team, expanding operational reach, and optimizing the product portfolio, the company aims to increase profitability.

7.6.9 Risks resulting from the concentration of purchases or sales and response measures:

Most suppliers and customers of SCI are trading partners with long-term and close relationships, resulting in low risk levels. In 2022, the largest supplier accounted for 41.88% of total purchases, and the largest customer accounted for 22.76% of total sales.Compared to 2021, where the largest supplier accounted for 60.17% of total purchases and the largest customer accounted for 28.24% of total sales, there was a decrease in the proportion of purchases and sales.The main reason was due to the impact of the fire incident in 2021, which caused limited production of products in

130

rented factories, thus limiting purchases and sales. In 2022, the in-house production capacity gradually recovered, and the supply factory can produce API products, increasing both revenue and production volume. The amount of raw material purchases has also increased, and the goal for the future is to reduce the proportion of revenue from a single customer to 10%.

  • 7.6.10 Impacts, risks, and response measures pertaining to major equity transfer or replacement of Directors, Supervisors, or shareholders holding more than ten percent (10%) of the Company's shares : None.

  • 7.6.11 Impacts, risks, and response measures pertaining to changes in ownership: None.

  • 7.6.12 Any litigious or non-litigious matters or administrative disputes up to the printing date of this annual report where the Company and its Directors, President, actual person in charge, and major shareholders holding more than 10% of the Company's shares, and affiliated companies that have been concluded by means of a final judgment or are still under litigation, to be a party thereof, and where the results thereof could materially affect shareholders’ equity or prices of the Company’s securities, as well as the facts of the dispute, amount of money at stake, start date of litigation, and main parties to the litigation: None.

7.7 Other important issues: None.

131

� 8 Special Disclosure

132

8.1 Affiliated enterprises:

  • 8.1.1 Consolidated business report of affiliated companies

  • 1.Overview of affiliated companies

  • (1) Organization chart of affiliated companies (December 31, 2022)

==> picture [221 x 341] intentionally omitted <==

----- Start of picture text -----

MERCURIES & ASSOCIATES,
HOLDING LTD.
�������
SCI PHARMTECH,INC.
�����
Yushan Pharmaceuticals Inc.
----- End of picture text -----

133

(2) Basic information on affiliated companies :

Company Name
Yushan
Pharmaceuticals Inc.		 Date of
Incorporation
(Year)
2013/6/24		 Address
No.61, Ln. 309, Haihu N. Rd.,
Luzhu Dist., Taoyuan City		 Paid-in Capital
NT$ 351,900,000		 Primary Business
orProducts
Research and development,
production, and sales of API
andpreparation.		 Note

(3) Overall business scope of every affiliated enterprises:

Research and development, production, and sales of active pharmaceutical ingredients (API), API intermediates, and specialized and fine chemicals. The basic chemical industry, other chemical materials manufacturing industry, other chemical product manufacturing industry, except for licensed business, may operate business that is not prohibited or restricted by law.

(4) Directors, supervisors, and presidents of affiliated enterprises :

Company Name Title Name or Representative Hold shares Hold shares
number %
Yushan
Pharmaceuticals
Inc.		 Chairman / President Wei-Chyun Wong 35,190,000 100%
Director Wen-Chih Chou�Aurora Chen
Supervisor Deiter Yang

2.Business operating conditions of the affiliated enterprises :

Unit: Thousand NT$

Company Name
Yushan
Pharmaceuticals Inc.		 Capital
351,900		 Total
assets
350,654		 Total
liabilities
1,300		 Net
value
9.93		 Operating
revenue
0		 Net operating
income (loss)
(720)		 Profit
(loss)
Before
tax
860		 Endorsed by
the Company
investment
gains and
losses
860
  1. Information on endorsements and guarantees, capital loans to other parties, and other derivative products for the affiliated enterprises:
Company Name Endorsements and
guarantees		 Capital loans to
otherparties		 Derivatives
Yushan Pharmaceuticals Inc. None None None

8.1.2 Consolidated financial statements of affiliated enterprises � Please refer to attachment 8.

  • 8.2 Private placement of securities of the most recent year up to the publication date of this report printed: None.

134

  • 8.3 The Shares in the Company Held or Disposed of by Subsidiaries of the most recent fiscal year up to the publication date of this report printed: None.

8.4 Other items that must be included:

8.4.1 Employee output value in 2022. (Productivity):

  • The annual revenue of 2022 was NT$ 899,738 thousand , the average number of employees was 202, and the average output value (productivity) of employees in 2022 was NT$ 4,454 thousand.

  • 8.4.2 The annual report was sent to the accountant for reading on May 16, 2023.

8.4.3 Professional training for directors:

Title Name Year Trained
Chairman Wei-Chyun Wong 2022 April 22 / Taishin 30 Sustainable Net Zero Summit Forum / TAISE / 3 hours
April 28 / International Anti-Corruption and Whistleblower Protection Practices
and Discussion on Money Laundering Prevention / TII / 3 hours
July 28 / The impact of IFRS17/ICS on commodities / EY / 3 hours
September 29/ Fair hospitality and financial consumer protection / CCLAW / 3
hours
Director Shiang-Li Chen 2022 April 28 / International Anti-Corruption and Whistleblower Protection Practices
and Discussion on Money Laundering Prevention / TII / 3 hours
July 28 / The impact of IFRS17/ICS on commodities / EY / 3 hours
September 22/ Corporate Sustainability and ESG Development Trends / TWSA /
3 hours
September 29/ Fair hospitality and financial consumer protection / CCLAW / 3
hours
Director Aurora Chen 2022 May 20 / 2022 Annual Insider Trading Prevention Promotion Conference / SFI / 3
Hours
July 21 / Information Security and Privacy Protection Law Compliance and Fraud
Prevention Practices / ARDF / 3 hours
Director Wen-Chih Chou 2022 August 23 / Integrity management / SFI / 3 hours
September 6 / Global Risk Perception Information / SFI / 3 hours
Independent
Director		 Te-cheng Tu 2022 September 22/ Corporate Sustainability and ESG Development Trends / TWSA /
3 hours
December 15 / Corporate Governance and Securities Regulations - Introduction
of the Newly Released my country Corporate Governance
Blueprint 3.0 / COA / 3 hours
Independent
Director		 Hung-Chin Wu 2022 March 9 / Leadership Academy Forum - In the New Reality, Reboot - See Digital
New Taiwan / TWIOD / 3 hours
September 6 / Global Risk Perception Information / SFI / 3 hours
Independent
Director		 Chia-Chun Jay
Chen		 2022 May 5 / Discussion on Corporate Governance Regulations / TWIOD / 3 hours
August 1 / From CSR to ESG new corporate governance law / CGA / 3 hour

135

8.4.4 Professional training for Accounting Supervisor � Accounting supervisorAgent � Audit officer and

Audit officeragent:

Title Name Year Trained
Accounting Supervisor Deiter Yang 2022 Accounting supervisor continuing course / ARDF / 12 hours
Accounting supervisor
agent		 Lisa Kuo 2022 Accounting supervisor continuing course / ARDF / 12 hours
Audit officer Jacky Hsu 2022 The latest policy development and internal control management
practices related to "ESG sustainability" and "self-compilation of
financial reports / ARDF / 6hours
Auditing and control practice of "information security" by internal
auditors / ARDF / 6hours
Audit officer
agent		 Renee Chen 2022 Stock affairs laws and regulations and practical study of shareholders
meeting / SFI / 6 hours
Practical study on fraudulent techniques in perspective of financial
statements / SFI / 6 hours

8.4.5 Persons associated with transparency in financial information who have obtained the relevant

certificates specified by the competent authorities :

Title Name License License No.
Accounting Supervisor Deiter Yang CPA FSC Zheny-Tzn N0.5467

8.4.6 Managers participate in training related to corporate governance :
Title Name Year Trained
President Wei-Chyun Wong 2022 April 22 / Taishin 30 Sustainable Net Zero Summit Forum / TAISE / 3 hours
April 28 / International Anti-Corruption and Whistleblower Protection Practices
and Discussion on Money Laundering Prevention / TII / 3 hours
July 28 / The impact of IFRS17/ICS on commodities / EY / 3 hours
September 29/ Fair hospitality and financial consumer protection / CCLAW / 3
hours
President Wen-Chih Chou 2022 August 23 / Integrity management / SFI / 3 hours
September 6 / Global Risk Perception Information / SFI / 3 hours
CG Officer Deiter Yang 2022 March 9 / Leadership Academy Forum - In the New Reality, Reboot - See
Digital New Taiwan / TWIOD / 3 hours
May 20 / 2022 Annual Insider Trading Prevention Promotion Conference / SFI
/ 3 Hours
September 22/ Corporate Sustainability and ESG Development Trends /
TWSA / 3 hours
October 19 /2022 annual insider equity transaction legal compliance publicity
briefing / SFI / 3 hours

  • 8.4.7 The Foundation for evaluating the method of recognizing the valuation account of assets and liabilities:

  • Notes and accounts receivable are processed with a simplified approach to estimate the expected credit losses, which means the measurement is conducted by using the expected credit losses within the duration. For such measurements, these notes and accounts receivable are grouped in

136

accordance with the common credit risks characteristics that represent the client’s ability to pay all the amount due under the terms and conditions of the agreements while also incorporating the fair expectation of forward-looking information such as the historical credit losses experience and the future economic conditions, including the overall economic situation and the related industry information.

  1. Following IAS 2 “Inventories”, inventories and allowance for inventory write-down to be recognized are measured by the net realizable value. The company recognized the allowance for inventory valuation and obsolescence losses due to the inventory write-down reaching the net realizable value. In addition, obsolete inventory from disasters, sales, or write-offs are no longer the factors of the net realizable value of the inventory dropping below cost, resulting in the reversal inventory write-down, with the related expenses presented as the cost of sales. The gain from the inventory write-downs and obsolete recovery of 2022 is NT$5,593 thousand.

  2. The fair value of financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income are measured on a recurring basis. Financial instruments trade in active markets is based on quoted market prices. Measurements of fair value of financial instruments without an active market are based on a valuation technique or quoted price from a competitor. Fair value measured by a valuation technique can be extrapolated from similar financial instruments, the discounted cash flow method, or other valuation technique including a model using observable market data at the reporting date.The measurement of fair value of a non-active market financial instruments held by the Group which do not have quoted market prices are based on the comparable market approach, with the use of key assumptions of price-book ratio multiple or earnings multiple of comparable listed companies as its basic measurement. These assumptions h a v e b e e n a d j u s t e d f o r t h e e f f e c t o f d i s c o u n t w i t h o u t t h e marketability of the equity securities.

  3. 8.4.8 Key Performance Indicator for the company’s Industry characteristics:

  4. Capacity Utilisation:

    • Due to the impact of a fire accident on December 20, 2020, the company only resumed production at the end of December 2021. The average capacity utilization rate of the company in 2022 was 20%, and it is expected that the entire production line will resume operation in the second half of 2023.

  5. Authorized medicament license:

_No._1
1		 API
Adenine		 DMF (USA)
2022		 CEP (EDQM) MF (Japan) _DMF (Canada) _ CGMP certified
(TFDA)		 China DMF
2
3
4
5
6
7
8
9
10
11
12
13
14
15		 Articaine Hydrochloride
Allopurinol
Atomoxetine Hydrochloride
Bisoprolol Fumarate
Brinzolamide
Clindamycin Palmitate HCl
Divalproex Sodium
Duloxetine Hydrochloride
Hydroxychloroquine Sulfate
Loxoprofen Sodium Hydrate
Methylphenidate HCl
Pentobarbital Sodium
Probucol
Propafenone Hydrochloride		 2014
2011
2018
2015
2011
2005
2011
2014
2004
2010		 2014
2003
2018
2014
2019
2014
2011
2012		 2017
2017
2011
2017
2012		 2010
2016
2014
2015
2012		 2013
2004
2016
2006
2022 (GDP)
2022 (GDP)
2022 (GDP)
2014
2012
2022 (GDP)
2022 (GDP)
2022 (GDP)
2022(GDP)		 2021
2010
2013
2020
2018

137

_No._1
16
17
18
19		 API
Sodium Valproate
Thiopental
Valproic Acid
Cannabidiol(CBD)		 DMF (USA)
2019
2003
2020		 CEP (EDQM)
2006
2004		 MF (Japan)
2017
2008		 DMF (Canada)
2008		 CGMP certified
(TFDA)
2022 (GDP)
2020
2022
2020		 China DMF
2014
2019
_No._2
1
2
3		 API intermediate
Menthadienol (PMDOL)
Olivetol
EthylOlivetolate		 DMF (USA)
2019
2019
2019		 CEP (EDQM) MF (Japan) _DMF (Canada) _ CGMP certified
(TFDA)

  • 8.4.9 The company disclosed the related information about financial instruments except for shares and depository receipts, please refer to the Consolidated Financial Statement of 2022.

  • 8.4.10 The company has not enacted a code of conduct or the code of ethics for the employees, however, the current Work Rules, Ethical Corporate Management Best Practice Principles, Codes of Ethical Conduct, and related procedures are serving as the code of conduct for employees’ behaviors, audits are also performed, with the implementations of such rules reported the to themanagement.

  • Inquiry method for the related procedures:

The company’s website: www.sci-pharmtech.com.tw

  • 8.4.11 The company has amended the related articles for a whistle-blowing system in the Ethical Corporate Management Best Practice Principles and has set up a stakeholder zone and complaint process flowchart on the website.

  • Inquiry method: The company’s website: www.sci-pharmtech.com.tw

  • 8.4.12 Descriptions for the Employees’ salary and remuneration:

  • The company’s salary and remuneration policy is to provide competitive salary standards to recruit and retain the required employees for the business operation to achieve stable growth and sustainable development. The salary and remuneration paid to the employees of the companycan be classified as fixed and variable salaries. Fixed salaries are the monthly salary paid to theemployees, with the payment standard referring to the statistics of industries and labor market,adding considerations for the job position, nature of the job, professional abilities, and the occupational supply & demand. Variable Salary consists of the end of year bonus, employees’remuneration, and performance bonus. Part of the salary and remuneration are connected with the operational performance by the variable salary.

    • The company enacted the Salary Management Procedures and Performance Bonuses Procedures, which are thoroughly conveyed to all employees with the educational training for the new recruits and the internal mail system for a full understanding of the salary and remuneration system of the company. In addition, for the Managers, the company set up performance goals and enacted related procedures for the salary and remuneration policies, system, standard, and structure. The salary and remuneration for personnel above the Manager level require the approval of the Salary and Remuneration Committee and the Board of Directors, which is to improve the transparency of the company’s corporate governance, and the decisions for salary and remuneration.

  • Fixed salary: Monthly salary paid to the employees each month.

  • Variable salary: Connected to the operational performance.

  • (1) End of the year bonus: Paid according to the performance with a minimum of 1.5 months and a maximum of 4 months of the monthly salary.

138

  • (2) Remuneration of the employees: Approximately 3% to 10% of the annual profit.

  • (3) Performance bonus: Distributed according to the performance with consideration of work safety, environmental protection, client complaints, and other events impacting the performanceof the company with a maximum of NT$22 thousand for each employee per quarter.

Inquiry method: The company’s website: www.sci-pharmtech.com.tw

  • 8.4.13 Descriptions for the succession planning of the member of the Board of Directors and key executives:

The key executives are the employees above the Manager level, there are currently 11 people classified in such positions. Each of the key executives has completed their job description manuals and roadmap for duties, assigned the deputies for the jobs, and conducted further training on them. The company requested Managers to take all their annual leaves, giving their deputies adequate opportunities to experience managerial roles and prepare for future succession. There is a Manager and Deputy General Manager in all the key departments of the company, such as the R&D and Business departments, and the succession plan has basically been completed. As for the Production, Quality Control, Finance & Accounting, Engineering, and other departments, there are chief-level staff members qualified as the future successor to carry the duties of the key executives. Basically, the company has thoroughly implemented and completed the planning on the successions of the key executives, with periodic reviews and adjustments being performed. In addition, the company rotates the positions of key executives in different departments often in the hope to develop talents who are capable of managing in multiple fields, enabling flexible adjustments necessary when necessary, which shall strengthen the company’s vast foundation of achieving a century-long business operation.

The company currently has 4 Directors, 2 of which are professionals in finance & accounting and operational management, and the other 2 are the professionals in chemistry .Of the 3 Independent Directors, 2 of them are a professional in finance & accounting, and the other one is professionals in chemistry and chemical engineering, which are required for the company’s main business. The future composition and the experience backgrounds of the Directors will apply the structure same as the current Board of Directors.With regards to the succession plans of the Board of Directors, the legal representatives of the parent will be 2 senior executives from the parent and 2 senior executives of the company as planned in the foreseeing future. There are dozens of companies underneath Mercuries & Associates Holding, Ltd. and several of them are public listed companies, resulting in the numerous Directors and professionals in senior management, therefore Mercuries & Associates Holding has an abundant talent pool for the succession of the two Directors position, and as for the two Directors from the senior executives of the company, please refer to the aforementioned succession plan of key executives. As for the Independent Directors, 1 of them shall be a professional in finance & accounting by law, experts in this field are sufficient domestically, and the company has planned the successor of this position as a Director to be an individual with academic background. The other 2 Independent Directors shall be professionals in chemistry and chemical engineering, the company still plans to invite 1 individual with academic background and the other from the industry. The company has been conducting close industry-academia cooperation with the National Tsing Hua University and National Taiwan Normal University, and has also been maintaining close relationships with several professors, which shall provide sufficient candidates for the company’s Independent Director. As for the Independent Director from the industry, members of the domestic API industry have been actively differentiating each company’s product portfolio to avoid excessive competition, and often held gatherings to exchange the industrial information and know-how while participating in overseas exhibitions in the same group. In addition, the company has been actively

139

participating events such as the operations of the Taiwan Pharmaceutical Manufacturer Association and the Institute for Biotechnology and Medicine Industry to familiarize itself with other significant figures in the medical and pharmaceutical industry, providing suitable potential candidates for this Independent Director position.

In addition, supervisors above the Manager level of each department have reported their succession plans in the Board of Directors’ meeting on December 26, 2022.

  • 8.4.15 Descriptions for the company’s workplace diversity and gender equality policies:

  • Diversity and Inclusion: Our company adheres to the principle of equal employment and does not discriminate or provide differential treatment on the basis of race, nationality, age, gender, marital status, political views, religion, or any other factor. We also ensure the labor rights of vulnerable or marginalized groups such as indigenous peoples, women, migrant workers, contract workers, and people with disabilities. Employee promotion, salary, promotion, and rewards are based on job category, educational and professional background, expertise and technical skills, professional e x p e r i e n c e , a n d p e r s o n a l p e r f o r m a n c e , w i t h o u t a n y d i f f e r e n t i a t i o n

based on age, gender, race, or other factors.

As of the end of February 2023, there were 202 Taiwanese employees, 1 Italian employee, and 9 Filipino employees.

Item percentage of total
employees�%�
Republic of China
nationality		 95.28%
Foreign nationals 4.72%

In 2022, there were 159 male employees and 43 female employees, with female employees accounting for 21.29% of the total workforce."

Item Ratio�%�
Female employees as a proportion of
the total workforce�%�		 21.29%
Female executives account for all
executives�%�		 29.51%
Female senior executives account for
senior executives (managerial level
and above)�%�		 18.18%

  1. Providing a gender-friendly environment:

    • We have set up Breastfeeding Room and provided friendly maternity leave policies, including prenatal and postnatal medical check-ups and parental leave. We have also established a 'Maternal Health Protection Plan' to take care of our employees' physical and mental health needs. In 2022, there were 3 employees who applied for parental leave.

  2. Anti-sexual harassment policies:

    • The company has established a method to prevent, file complaints, and discipline sexual harassment, and has also set up a Sexual Harassment Complaints Committee to prevent unsafe and sexually harassing behavior in the workplace and maintain gender equality and personal dignity. In 2022, the company did not receive any reports of sexual harassment from its employees.

  3. 8.4.16 Descriptions for the company’s corresponding measures and tangible results regarding

140

community risks or opportunities:

  1. Community risks:

  2. (1) Community risks:

Our company is in the chemical manufacturing industry and mainly engages in large-scale continuous production, chemical synthesis reactions, and other related activities. In the event of an accident, it may lead to chemical spills, emissions of pollutants such as exhaust gases and waste materials, or even dangerous incidents like fires and explosions, which could harm the health and safety of the community residents.

  • (2) Specific implementation measures:

  • A. Implement standard operating procedures to ensure effective operation of ISO45000 and ISO14000.

B. We have installed an oxidation-reduction scrubber to treat exhaust gases, reduce odor, and minimize volatile organic compound (VOCs) emissions. We have switched from heavy oil to low-pollution fuel natural gas for boiler combustion, significantly reducing air pollutant emissions. In addition, we have expanded our anaerobic tank capacity for wastewater treatment and installed dedicated pipelines to prevent industrial wastewater discharge into irrigation channels. Furthermore, we use a distillation recovery method to reduce waste generated during the production process and minimize the impact on the community environment.

C. We regularly conduct education and training as well as fire emergency drills to enhance the emergency response capabilities of our staff, strengthen the plant's disaster relief and response capabilities.

  • D. We regularly convene environmental safety meetings and occupational safety and health committee meetings to review and improve any deficiencies identified during environmental safety i nspections and assess occupat i o n al s afet y an d heal t h risks.

  • (3) The effectiveness of implementation: The regulations were complied with in 2022, and detailed information can be found in Attachment 4 of our company's Sustainable Development Management Policy and Implementation Report.

  • Opportunities provided by the company to the community:

  • (1) Opportunities provided by the company to the community:

  • A. Provide employment opportunities for local residents.

  • B. Strengthen community involvement and maintaining close and harmonious interaction.

  • (2) Specific implementation measures:

  • A. Encourage employees to refer their relatives and friends for job interviews, and cultivate local relationships.

  • B. Sponsor and actively participate in local community events.

  • C. Cooperate with local public agencies.

  • (3) The effectiveness of implementation:

  • A. In 2023, the company will hire 16 new employees, of whom 9 will be based in Taoyuan City, accounting for 56.25% of the total. Currently, out of the 118 employees in the company, 58.41% are based in Taoyuan City."

  • B. Sponsor nearby temples' religious ceremonies, offerings, cultural festivals, etc.

  • C. We actively participate in community events and maintain good interactions with residents. During the pandemic, we provided free alcohol for disinfection to assist the community in fighting against the pandemic.

  • D. We conducted with the Shan Jiao Fire Brigade for joint fire training exercises and provided facilities for military exercises.

8.4.17 Descriptions for the company’s progress in the post-fire accident reconstruction:

141

  1. By the end of 2022, production in Plant A can provide a production capacity of 30%.

  2. Plant B is scheduled to be repaired and completed in the second half of 2023, and the production capacity will be restored to 100%

  3. Available on : SCI’s website : www.sci-pharmtech.com.tw/investors-05-112

8.5 Any event which has a material impact on the shareholders' equity or securities prices as

prescribed in Subparagraph 2, Paragraph 2, Article 36 of the Securities and Exchange Act

that has occurred in the most recent year up to the printing date of this annual report:None.

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Attachment 1 : Complain (Report) Flowchart

Whistleblower (insider and outsider)

Dishonesty like corruption � take bribes � insidertrading etc.

Complain channel

==> picture [553 x 468] intentionally omitted <==

----- Start of picture text -----

-
Spokesperson : deiter@sci pharmtech.com.tw General letters : AD or guard house receive
Audit office : [email protected] Staff mailbox : AD receive in staff canteen
Whistleblower’s Submit written
AD and AO conduct acceptance
identity and content records in 30-60
and investigation
confidentiality days
1. Whistleblower Accused person
Managers Meeting
received a reply reply opportunity
about findings.
2. Confirm reward
method
The plot is
Significant.
Notify the competent Written records are kept
Board of Directors
authority or transfer to in AD at least five years
the judiciary
----- End of picture text -----

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Attachment 2 : Statement of Internal Control System

SCI PHARMTECH, INC.

Statement of Internal Control System

Date: March 14, 2023

The Company makes the following statement according to the self-evaluation conducted of its internal control system of 2022:

  1. The Company has achieved full understanding that the establishment, implementation, and maintenance of the internal control system (ICS) are the responsibilities of the Company’s Board of Directors and managerial officers, and have established the said system accordingly. The objectives of ICS include achieving various objectives in business benefits and efficiency (including profitability, performance, and protection of assets and safety); ensuring the reliability, timeliness, transparency, and regulatory compliance of reporting; and providing reasonable assurance.

  2. All ICS are bound by natural limitations and regardless of the robustness of designs, effective ICS can only provide reasonable assurance for the 3 objectives listed above. Changes to the environment and status will also affect the effectiveness of internal control systems. However, The Company’s internal control system has been furnished with self-monitoring systems. The Company shall also initiate corrective actions for any verified defects.

  3. The Company shall refer to the Regulations Governing Establishment of Internal Control Systems by Public Companies (hereinafter referred to as “ICS Regulations”) to stipulate assessment items for determining the effectiveness of the ICS as well as the performance of the designs and implementation of the system. The ICS is divided into 5 key components according to the process of management control to generate ICS assessment items used by ICS Regulations, namely: (1) Control environment; (2) risk assessment; (3) control activities; (4) information and communications and; (5) monitoring activities. Each key component also includes a number of sub-items. For the aforementioned items, please refer to the provisions provided in the ICS Regulations.

  4. The Company has already adopted the aforementioned ICS assessment items to evaluate the effectiveness of ICS design and implementation.

  5. The Company has referred to the results of the aforementioned assessments and determined that the Company’s ICS of December 31, 2022( including monitoring and management of its subsidiaries), including the Company’s understanding of the level of effectiveness and efficiency of business operations achieved, the reliability, timeliness, transparency, and regulatory compliance of reporting, the compliance with applicable laws, regulations, and by laws, are effectively designed and implemented and capable of reasonably ensuring the attainment of the aforementioned objectives.

  6. This Statement shall be a major content of the Company’s annual report and prospectus, and shall be publicly disclosed. Where any of the disclosed content contain misrepresentations, nondisclosures, or other illegal acts, the Company shall be subject to legal responsibilities provided in Articles 20, 32, 171 and 174 of the Securities and Exchange Act.

  7. We hereby declare that this Statement has been approved by the Board of Directors on March 14, 2023. Amongst the 7 Directors present in the meeting, none (0) held dissenting opinions, and the remaining have all agreed with the contents of this Statement.

SCI PHARMTECH, INC.

Chairman : Wei-Chyun Wong

President : Wen-Chih Chou

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Attachment 3 : Information security management policy

SCI PHARMTECH, INC.

Information Security Management Policy

1. Explanation

SCI PHARMTECH, INC. (hereinafter referred to as “the company”) enacted this Information Security Management Policy by taking into account the company’s business needs, in order to strengthen information security management, ensure the security of our company’s software, hardware and network management, for establishing various reliable information and communication systems, thereby enhancing the information security and service quality of the operations related to the research and development, production and marketing of intermediates, APIs and specialty chemicals.

2. Purpose

The company aims to maintain the overall information security, strengthen the security management of various information assets, and ensure relevant confidentiality, integrity, and availability, to prevent any intentional or accidental threat and damage internally or externally that may result in any risks such as unauthorized business information alteration, disclosure, damage, loss, or others.

3. Scope of Applications

This policy applies to all the information and communication systems in the company as well as their relevant users. The information users include formal employees, contractors, personnel related to business maintenance and operation, external units using information resources, service providers, outsourced vendors, and other authorized personnel.

4. Definition

Generally, the basic requirements for information security can be divided into three categories:

  • A. Confidentiality: Ensure that only the authorized personnel have the access to information.

  • B. Integrity: Ensure the correctness and integrity of information and processes.

  • C. Availability: Ensure that authorized users have access to information and related services if necessary.

In addition to the above-mentioned three basic requirements, the following requirements must be met according to the characteristics of various business sectors. Relevant explanations are as follows:

  • A. Authenticity: Ensure that an appropriate authentication process is required when a user logs in.

  • B. Accountability: Ensure that appropriate traceability is available for tracing the executor whenever a user executes any task.

  • C. Non-repudiation: Ensure that a user cannot deny the operations completed on the system.

  • D. Reliability: Ensure that the performed operations demonstrate consistent results.

  • Explanations about Authority and Responsibility

  • A. The Information Office governed by President is responsible for organizing and promoting information security and relevant matters in the company. The Audit Office draws up relevant internal control procedures to conduct audit tasks regularly.

  • B. The company, as well as relevant personnel from corresponding authorities/institutions and vendors, shall comply with this policy.

6. Objectives of Information Security Management

The company divides the objectives of information security management into two categories, which are qualitative and quantitative:

  • A. Qualitative Indicator

  • a. Enhance internal control, to prevent unauthorized access, and ensure the confidentiality of the

145

company’s business-related information.

  • b. Ensure the availability of the company’s business-related information equipment, and meet the needs for business operations regarding research and development, production, marketing, etc.

  • c. Ensure that no information leakage will reveal to any unauthorized third party in the process of information transmission or due to any unintentional behavior, so as to ensure the correctness and integrity of the company’s business-related information and enhance operational performance and quality.

  • B. Quantitative Indicator

  • a. The management objective should be “no information security incident occurs” every year.

  • b. Conduct the drills of data backup and disaster recovery for important systems, at least once every year.

  • c. Ensure that important, confidential, and sensitive information will not leak out while data backup is in place. Internal audits shall be conducted once every year.

7. Responsibility of Information Security

  • A. Senior executives should actively participate in the activities of information security management and operation, to support information security management systems.

  • B. The Information Office governed by President is in charge of the operations of information security management. The Audit Office conducts internal audits according to relevant laws, regulations, and policies, to ensure the implementation and effectiveness of these systems.

  • C. Review and discuss the issues related to internal and external information security, requirements from stakeholders/parties, and information security operation activities from other organizations, to enhance the protection ability of information security.

  • D. The Information Office should provide regular propaganda and training courses regarding information security, to enhance the company personnel’s awareness of information security.

  • E. Ensure all the information security incidents or suspicious information security weaknesses have been escalated following appropriate reporting systems to the upper management and that appropriate investigation and handling have been undertaken.

8. Review and Implementation of Information Security Policies

These policies shall be reviewed regularly every year. In case of any changes in organizations, businesses,laws and regulations, environments, or other factors, appropriate amendments should be made to these policies and then approved by the President for further proclamation and implementation, to ensurethe validness of information security exercise and operation.

146

Attachment 4 : Sustainable Development

1. Sustainable Development Committee :

==> picture [482 x 379] intentionally omitted <==

----- Start of picture text -----

Board of Directors
The Audit Committee
Sustainable Development Committee
Chief Commisioner:
Chairman : Wei-Chyun Wong
Executive Team:
President: Wen-Chih Chou
Business Sustainable Social Charity Corporate
Development Team: Environment Team: Team: Governance Team:
Manager: Manager: Manager: Manager:
Nancy Lee Ricky Liu Deiter Yang Deiter Yang
Energy Saving & Carbon
Reduction Team:
Deputy Director: Yu-Ting Tsai
----- End of picture text -----

  1. Sustainable development commitment and goals :

  2. (1) Company Vision - Contribute to Human Health.

  3. (2) Company Value - Sustainability, Trust, Innovation.

3. Sustainable Development Policies :

  • (1) Comply with the laws and regulations, to implement integrity management.

  • (2) Value employees’ rights and benefits, to create happy workplaces.

  • (3) Practice environmental protection policies, to contribute to society and communities.

  • (4) Value shareholders’ rights and benefits, to advocate activism.

  • (5) Cooperate with suppliers, to improve product quality.

  • (6) Protect customer rights, to contribute to human health.

  • Sustainable Development Management System :

To be executed in following the company’s Sustainable Development Principle.

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5. The Implementation Status of Corporate Social Responsibility:

The Head of Corporate Governance reported the implementation status of corporate social responsibility to the Board of Directors on Dec. 26, 2022, and placed on the company website: http://www.sci-pharmtech.com.tw

Major items Management policy Implementation in 2022
Stakeholder
Communication		 Keep the communication channels with all
stakeholders open, communicate with all
stakeholders in good faith, and strengthen the
transparency of various information.		 Table 5.1 below
Corporate
Governance		 Strengthen the functions of the board of
directors, and implement the corporate
governance system in accordance with the
requirements of laws and regulations and
corporate governance evaluation.		 1. Set up a special area on the company website to explain
the implementation of corporate governance, labor
practices, human rights, and integrity management.
2. In order to promote social responsibility, integrity
management, and prevent insider trading, regular
education and training are provided to employees every
year.
3. A sustainable development report is issued every two
years, and the 2020-2021 sustainable development
report has been completed in 2022.
4. In 2022, the Taiwan Stock Exchange announced the
8th Corporate Governance Evaluation, and listed it as
a company with a 21%-35% gap in the third level.
Customer Health
and Safety		 Follow the cGMP good manufacturing
practice for pharmaceuticals and implement
the ISO 9001 quality management system.		 1. After the approval of TFDA and the customer, the
leased factory will be used for off-site production.
2. Pass 19 customer audits in 2022: 13 online audits / 6
on-site audits.
3. Insured product liability insurance - USD 2 million.
Environmental
Management		 Implement
ISO14001
(2015
edition)
environmental management system and
ISO45001 (2018 edition) environmental
safety and health management system.		 Performance of environmental management objectives:
1. The company's goal of saving electricity and reducing
carbon dioxide is 1% per year. However, due to fire
accidents and multiple shutdowns affecting production
capacity, electricity consumption has been greatly
reduced to 3,126 kWh in 110 years, and carbon dioxide
emissions are only 1,644 tons.
2. Introduce product carbon footprint survey (VA
product).
3. The labor safety and health committee meeting is held
quarterly.
Supplier
Management		 Committed to energy saving and carbon
reduction
in
the
supply
chain,
the
procurement principle is based on local
procurement and local supply, and supplier
evaluation is carried out.		 1. New suppliers must pass the QCDS (Quality, Cost,
Delivery, Service) assessment, environmental
standard, and social standard assessment.
2. Work with suppliers to fulfill corporate social
responsibilities on issues such as ethics, employee
human rights, and the environment.
Employee Care Implement human rights policies, improve
employee benefits, and pay attention to
employees' physical and mental conditions.		 1. Employee group insurance and annuity insurance.
2. Employee stock ownership trust.
3. Staff canteen and dormitory.
4. Promotion of employees' physical and mental health
(such as: health checkups, holding health lectures,
setting up indoor arenas, etc.).
5. Formulate annual employee education and training
plans to cultivate employees' professional capabilities.
6. Regularly hold labor-management and managerial
meetings.
Socialwelfare Implement the concept ofgiving backto 1.Participateincommunity and schoolactivities and

148

society and promote social integration. maintain good interaction with residents.
2. Assist in the development of police public welfare
undertakings.
3. Donated to the Chang Chau-Ting Memorial
Foundation, and sponsored the research and
publication of science, culture and talent cultivation.

4.1

Stakeholder Communication channels and response methods Communication frequency
Employee Email and Bulletin Board Announcements Irregular�Set up a line group to communicate at any time
Human resources service and health consultation At any time / The administration department provides
human resources services, health checks, external doctors
and factory nurses provide health consultation.
Conference communication Labor-management meetings and occupational safety and
health committees are held quarterly.
Supervisor mailbox/employee opinion mailbox
communication		 At any time
Complaint (report) process At any time (2022 No)
Employee education and training Irregular Organize professional training for various
departments.
Customer Customer satisfaction survey 1 time per year / 2022 customer satisfaction survey about
4.8 points (Total score 5 points)
Production and marketing meeting Weekly
Customer audit Irregular / There were 19 customer audits in 2022, as of
Nov. 28.
Reply to customer concerns by phone/email At any time
Participate in the exhibition Regular / 2022 to participate in the European CPHI
exhibition.
Supplier Phone / Email Contact Irregular
Questionnaire Regular
Audit Regular / 2 suppliers were audited in 2022, as of Nov. 11
Shareholders /
Investors		 Shareholders/Investors General Meeting 1 time per year
Legal person briefing Irregular / Nov. 11 in Horizon Securities.
Phone / Email Reply At any time / The website updates the post-disaster
reconstruction record every month.
Company official website Regular announcement of financial statements and other
relevant information.
TESE Regular announcement of financial statements and other
major information.
Nonprofit /
Community /
Neighborhood
Vendors		 Nonprofit / Community Phone Interviews At any time
Face to face interview At any time
Phone / Email Contact At any time
Government Competent authority decree announcement letter
and inspection		 Irregular
Regulatory publicity meeting or symposium of the
competent authority		 Irregular
Telephone, letter and email contact Irregular

149

Attachment 5 :

SCI PHARMTECH, INC.

Performance Evaluation Regulation of the Board of Directors

  1. Set purpose and legal basis

  2. To implement corporate governance and enhance the Company's board functions, and to set forth performance objectives to improve the operation efficiency of the board of directors, this regulation is established pursuant to Article 37 of the Corporate Governance Best-Practice Principles for TWSE/GTSM Listed Companies. According to other appropriate methods, the internal evaluation of the board � include functional committees � , and self-evaluation by individual board members shall be conducted annually.

2. Regulation compliance

  • The general evaluation cycles, evaluation periods, scope and method of evaluation, the unit conducting evaluations, evaluation procedures and other matters for compliance under the Company's regulations governing the board performance evaluation shall be subject to this regulation.

  • Evaluation cycle and period

  • Beginning of each year, the Company's board of directors shall conduct an internal board performance evaluation according to the evaluation procedures and the evaluation indexes, and evaluation period is previous years. Internal board performance evaluations shall be completed before the end of the first board meeting of the following year.

  • Evaluation scope and methods

  • The Company's board evaluation scope covers the evaluation of the board � include functional committees � and individual directors.

  • Methods of evaluation include the internal evaluation of the board � include functional committees � , and selfevaluation by individual board members.

5. Evaluation executor

Corporate Governance officer conducting internal evaluations of the Company's board of directors shall have an adequate understanding of the operation of the unit subject to evaluation and shall play a fair, impartial and independent role.

6. Evaluation procedure

  • �� End of each year, Corporate Governance officer will collect information about the activities of the board of directors and distribute the Questionnaire of Self-Evaluation of Performance of the Board in Annex 1, the Questionnaire of Self-Evaluation of Performance of Board Members in Annex 2, and the Questionnaire of Self-Evaluation of Performance of the Functional Committee in Annex 3 to be completed.

  • b. Corporate Governance officer will collect all information, give scores based on the evaluation indexes in Article 8, record the evaluation results in a report, and submit the report to the board of directors.

  • Evaluation index and score standard

  • The Company shall take into consideration its condition and needs when establishing the criteria for evaluating the performance of the board of directors, which should cover, at a minimum, the following five aspects: a. Participation in the operation of the company;

  • b. Improvement of the quality of the board of directors' decision making;

  • c. Composition and structure of the board of directors;

150

  • d. Election and continuing education of the directors; and

  • e. Internal control.

The criteria for evaluating the performance of the board members, should cover, at a minimum, the following six aspects:

  • a. Alignment of the goals and missions of the company;

  • b. Awareness of the duties of a director;

  • c. Participation in the operation of the company;

  • d. Management of internal relationship and communication;

  • e. The director's professionalism and continuing education; and

  • f. Internal control.

The criteria for evaluating the performance of functional committees should cover, at a minimum, the following five aspects:

  • a. Participation in the operation of the company;

  • b. Awareness of the duties of the functional committee;

  • c. Improvement of quality of decisions made by the functional committee;

  • d. Makeup of the functional committee and election of its members; and

  • e. Internal control.

The indexes of board performance evaluation shall be determined based on the operation and needs of the Company and suitable and appropriate for evaluations by the company, subject to regul ar reviews and constructive comments of the remuneration committee.

Scoring criteria may be modified and adjusted based on the company's needs. The weighted scoring method may be adopted based on the aspects of evaluation.

8. Use of evaluation results

When electing or nominating members of the board of directors, the Company shall base its election on the evaluation results of the performance of the board and shall base its determination of an individual director's remuneration on the evaluation results of his or her performance.

9. Annual report information disclose

It is advisable that the Company disclose in its annual report whether regulations governing the board performance evaluation have been established as well as how the board performance evaluation has been conducted each year, with a description of the evaluation method provided.

10. Disclose way

The performance evaluation regulation established by the Company shall be fully disclosed on the Market Observation Post System (MOPS) and the Company's website at all times, to be made available for consultation.

11. Implement

The Company's regulation shall take effect after having been discussed and approved by the board of directors. Subsequent amendments thereto shall be effected in the same manner.

� 2. Enact and amendment date

This regulation was enacted on Nov. 12, 2019 and amended on Nov. 6, 2020 for the first time.

Attachment 6 :

151

SCI PHARMTECH, INC.

Risk Management Policy and Procedure

Article 1 Purpose of Enactment

This policy and procedure are hereby enacted to achieve the purpose of sustainable and stable management, in order to strengthen corporate governance, implement a sound and effective risk management mechanism for the company, and reduce potential risks that may occur in operations.

Article 2 Organizational Structures and Duties in Risk Management

  1. The Organizational Structure of the company’s risk management:

The company's board of directors serves as the highest governing body for risk management. In order to establish and strengthen our risk management capabilities, and taking into account the company's size, risk profile, and business activities, the audit committee serves as the supervisory unit for risk management operations. The organizational structure of the risk management team is as follows:

==> picture [524 x 275] intentionally omitted <==

  • 2.Duties of each unit in the risk management organization:

  • (1) Board of Directors:

This is the highest authority of the company’s risk management, and is in charge of approving,

reviewing, and supervising the company’s risk policies, ensuring the management structure and the operation of risk control functions.

  • (2) Audit Committee:

152

Serves as the supervisory unit for the company's risk management related operational mechanisms. It is responsible for reviewing risk management policies, procedures, and frameworks to ensure that risk management mechanisms can fully address the risks faced by the company. It also designates personnel (at least once a year) to report to the board of directors on the implementation of risk management.

(3) President Office:

The unit is in charge of planning the operational strategy, also supervising and implementing its execution to fulfill the effectiveness and efficiency of the operation, reducing the operational and strategic risks. This unit is also in charge of legal risk management, compliance with the government monitoring measures, and determining possible agreement disputes or legal disputes to reduce the legal risks; responsible for the related risks of climate change and exploring the opportunities that arise from them.

  • (4) Audit Office:

The unit is in charge of evaluating the key risks matters, which shall be referenced for the audit plan operation. This unit is also in charge of enacting or amending the related control procedures and practices for possible risks.

  • (5) IT Office:

The unit is in charge of overall planning and set-up of the ERP information equipment and the enterprise network, and is also responsible for managing the Internet information security to reduce the information security risks.

  • (6) Safety Office:

The unit is in charge of the planning and execution of the industrial safety and health practices to comply with the related laws and regulations, and reduce the related risks.

  • (7) Business Department:

In the aspect of business:

The unit is in charge of the development of clients and products, as well as enacting the transaction terms and conditions based on the relationship with the client, the client’s financial condition, and the political and economic condition of the client’s location to prevent the risks

of unable to receive the account receivables.

In the aspect of purchasing:

The unit is in charge of the management of a decent supply chain, ensuring the stable supply of raw materials, their qualities meeting the specification, and the stability of the price, to reduce the risks of daily operations.

153

  • (8) Research & Development Department:

The unit is in charge of evaluating and ensuring the development of new products does not involve the risk of violating others' patents and intellectual properties. This unit is also in charge of the management of patents and intellectual properties.

  • (9) Quality Assurance and Quality Control Department:

  • The unit is in charge of ensuring the products are manufactured following the GMP and standards demanded by the clients, while also complying with the regulations of health competent authorities in different countries, to reduce the risks of relating to decreases in quality and client complaints.

  • (10) Production Department:

The unit is in charge of ensuring the production operation is following the schedule and related SOP to prevent the risks of delayed shipments or production disruptions.

  • (11) Production Management Department:

The unit is in charge of optimizing the quantities of raw materials and final products to control the inventory cost while preventing the shortage of raw materials and finished products. The unit is also in charge of managing the production schedule to improve production efficiency and planning for the requirements of sufficient future capacity to avoid the risk of production capacity shortage.

  • (12) Environmental Protection Department:

  • The unit is in charge of planning and implementing the environmental protection policies to maintain compliance with related laws and regulations and reduce the related risks.

  • (13) Engineering Department:

  • The unit is in charge of the design and execution of the plant construction to ensure the plant and equipment meet the standard of the clients and the health-related authorities of different countries. This unit is also responsible for the preventive maintenance of the plant and equipment to reduce the risk of ceasing production due to the damaged production equipment.

  • (14) Finance and Administration Department:

  • The unit is in charge of the risk management for assets and compliance with the related laws and regulations from the government to ensure the sustainable operation of the company and the security of its assets. This unit is also responsible for evaluating the medium- and longterm investment performance, the financial operations and adjustment, the establishment of a hedging mechanism, and achieving the reliability of financial reports and compliance with

  • laws and regulations to reduce the financial-related risks.

154

Article 3 Risk Management Policy

The company’s Risk Management Policy is established following the company’s business guidelines, to set up a risk management mechanism for identifying, measuring, supervising, and controlling risks, achieving the goals of rationalizing the risks and the rewards within the scope of tolerable risks.

Article 4 Risk Management Procedure

To perform the sound function of operational risk management, the company determines the scope of operational risks and takes appropriate measures to ensure relevant operational risks related to management through the procedures for risk identification, risk measurement, risk monitoring, risk report, and disclosure.

  1. Risk Identification: Risk Identification is to find out the risk factors required to be managed. By referring to the factors such as the company's business characteristics, internal and external environments, etc., the company is likely exposed to the risks classified as follows:

  2. A. Business Risk: It means the risk that may affect the company’s normal management due to uncertainty factors in the process of the company’s production and management, such as operational risk (factors such as material shortage or improper production schedules), product quality risk, and information system risk.

  3. B. Financial Risk: It means the risk that may affect the company’s financial status and business due to factors such as economic and industrial changes both domestically and internationally, e.g. the risks concerning interest rate, foreign exchange rate, liquidity, credit, etc.

  4. C. Strategic Risk: It means the risk arising from the loss due to any business strategy error, e.g. the risks due to excessive concentration of sales territories, excessive concentration of clients, mergers and acquisitions, etc.

  5. D. Hazard Risk: It means the risk that may cause damage to the company due to the occurrence of any incident such as major natural disasters or man-made disasters, e.g. earthquake, fire, chemical leakage, pandemic disease, etc.

  6. E. Legal Risk: It means the risk that causes damage to finance or goodwill due to any failure at complying with relevant laws and regulations enacted by the competent authorities, or due to other factors such as any invalid agreement that has been signed, or due to any breach, inadequate regulations, omissions in terms and conditions, etc.

  7. F. Other Risk: This indicates the risk apart from the risks mentioned above. If any other risk caused the company to suffer losses, then appropriate risk management procedures shall be established according to risk characteristics and susceptibility degree.

  8. Risk Measurement

155

After identifying the potential risks that may affect the company, the company shall analyze the nature and scale of various business and operational activities as well as the degree of the company’s risk tolerance, then set up appropriate risk measurement standards. For risks that can be quantified, rigorous statistical analyses and techniques should be applied to conduct analyses and management. For risks that are difficult to be quantified, the risk impact degree can be described in writing. Compare the risk level determined according to risk analysis results with the risk measurement standards enacted by the company, and then determine the priority of such risks for serving as the reference of risk management.

3. Risk Monitoring

Each department shall continuously monitor business-related risks. Whenever the risk exposure level exceeds the risk limit, relevant departments shall propose countermeasures, and then escalate the risks and countermeasures to the senior executive level.

4. Risk Report and Disclosure

To fully document risk management procedures and subsequent implementation results, the Audit Committee shall regularly report the risk conditions to the Board of Directors for reference, to ensure that management structures and risk control functions can operate properly.

Article 5 Risk Management Execution

The company executes risk management on three levels:

The First Level is carried out by the business case responsible person in each department. The business case responsible person performs daily risk management activities following internal control systems and internal regulations related to business, then conducts risk assessments of risk control activities.

The Second Level is carried out by the supervisors of each level in a department. The supervisors are responsible for business-related risk management, compiling the results of risk management implementation activities, and supervising the risk management activities within the department. The supervisors can determine risk levels and recommend risk assumption methods depending on the changes in external environments and internal strategies. The supervisors shall coordinate interactions and communications regarding cross-department risk management when necessary.

The Third Level is carried out by the executive management, who are required to review the integrity of the company’s mechanisms related to risk management and supervise relevant risks in each unit through risk management decisions and related risk management practices.

Article 6 Operation Condition and Disclosure of Risk Management

  1. The company manages business-related risks through the following regular and irregular meetings:

156

  • A. Regular Meeting on Production and Marketing.

  • B. Regular Meeting on Research and Development.

  • C. Meeting on Good Manufacturing Practice of Drugs.

  • D. Regular Meeting on Engineering.

  • E. Meeting on Environmental Safety and Health.

  • F. Regular Meeting on Production.

  • G. Meeting on Quality Control Review.

  • H. Business Management Meeting of Senior Executives.

  • I. Board of Director’s Meeting.

  • J. Other Meetings (for example, Labor-Management Meeting, etc).

  • In addition to the disclosure of relevant information following the regulations enacted by the competent authority, the information related to risk management should be disclosed on the company’s website and in annual reports.

Article 7

This risk management policy and procedure shall be implemented after being approved according to the resolution of the Board of Directors, and any revisions shall also require approval by the board of directors.

Article 8

This Risk Management Policy and Procedure was established on May 8, 2020. The first revision was made on May 12, 2023.

157

Attachment 7 :

SCI Pharmtech, INC Intellectual Property Right Management Plan

  1. Purpose: For effective management of the company’s intellectual property rights, the plan is hereby established.

  2. Scope: This plan includes patent rights, trademark rights, copyrights, and trade secrets. Its objects cover all kinds of intellectual property rights produced or obtained by the company's employees and the external parties involved in the company's research projects.

3. Principles:

  • 3.1 The company values its own intellectual property rights and respects others’ intellectual property rights. The main concern of the company is not to infringe others’ intellectual property rights in the process of research and development or technology introduction.

  • 3.2 The intellectual property rights arising from the employees when performing their duties, including the rights of any invention, creation, writing, trade secret, and others, shall belong to the company following the Labor Agreement.

  • 3.3 The company may implement and use the invention, creation, writing, and trade secrets made by the company’s employees if such property is created through the company’s resources or experiences.

  • 3.4 When the company entrusts others, accepts any commission, or collaborates with others to research and develop any technology, the ownership of such intellectual property shall be determined by the agreement thereof.

  • 3.5 When the patent is owned by two persons/parties or more, it shall not be assigned or authorized to be exercised by any person other than the co-owners themselves, unless unanimous consent from all the coowners has been acquired. However, if an agreement is provided otherwise, the agreement shall prevail.

  • 3.6 The co-owner of a patent may not assign, trust, or create a pledge of his or her rightful portion without any unanimous consent from all the other co-owners. However, if an agreement is provided otherwise, the agreement shall prevail.

  • 3.7 The company shall have the priority use of any patent for which an employee is the patent applicant on behalf of the company, and the employee shall not assign or authorize such a patent to others.

4. Patent Management:

  • 4.1 Case creation: The patent will be analysed jointly by the personnel from the departments of Research & Development, Legal, and Business, to confirm the value of the patent and its necessity for application. The patent will be submitted to the Research & Development Meeting for discussions and further approval, and then be recorded in the meeting minutes.

  • 4.2 Application: The personnel of the Research & Development Department shall prepare and provide the patent portfolio planning. They are also responsible for patent applications, responses, and maintenance. If necessary, the R&D and legal compliance personnel will contact a patent firm to discuss matters related to intellectual property rights. The legal compliance and business personnel will have communications with clients, while the R&D personnel will provide relevant assistance.

  • 4.3 Safekeeping, Litigation, and Maintenance:

  • 4.3.1 R&D personnel shall properly keep the reports or records arising from the research and development process of intellectual property.

  • 4.3.2 In the event of any dispute or legal proceeding brought by a third party against any intellectual property right owned by the company, the R&D personnel shall assist the legal firm in handling legal proceedings such as objections, petitions, administrative litigation, or legal actions regarding such intellectual property.

  • 4.3.2 The Research & Development Department assistants shall be responsible for the safekeeping of the

158

patent certificate as well as the annual maintenance of such a patent.

5. Trademark Management:

  • 5.1 The trademark of the company shall be used in the company and its related business by each trademark user from every unit.

  • 5.2 The Administration Division shall be responsible for the application and maintenance of the trademark.

6. Trade Secret Management:

  • 6.1 The SOP documents, manufacturing batch records, and other documents are controlled by Master Control System.

  • 6.2 The employees of the company shall comply with the regulations in the SOP “Controlled Documents and Security Management”, to implement the controls on the controlled document.

  • 6.3 Article 6 of the Labor Agreement enacted by the company indicates that “The employee agrees that confidential information known or held by the employee during his/her employment shall not be disclosed, communicated, delivered, or transferred to others or published publicly without any written consent from the company. This non-disclosure agreement shall remain valid after the Contract has been terminated, except for the extent that the company’s information and materials have already been publicly available, known to the public, or become public property.”

  • 6.4 Each unit of the company shall take appropriate confidentiality measures when handling any information that has economic value or confidential nature regarding the production, sale, or operation of the company.

  • 6.5 Before resigning from the company, any employee of the company shall return all of the company’s trade secrets such as information, documents, reports, and files held in his/her own possession.

159

Attachment 8 : The Audited Consolidated Financial Report for the most Recent Fiscal Year

Representation Letter

The entities that are required to be included in the combined financial statements of SCI Pharmtech, Inc. as of and for the year ended December 31, 2022 under the Criteria Governing the Preparation of Affiliation Reports, Consolidated Business Reports, and Consolidated Financial Statements of Affiliated Enterprises are the same as those included in the consolidated financial statements prepared in conformity with International Financial Reporting Standards No. 10 endorsed by the Financial Supervisory Commission, "Consolidated Financial Statements." In addition, the information required to be disclosed in the combined financial statements is included in the consolidated financial statements. Consequently, SCI Pharmtech, Inc. and subsidiaries do not prepare a separate set of combined financial statements.

Company name: SCI Pharmtech, Inc.

Chairman: Weichyun Wong Date: March 14, 2023

160

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SCI PHARMTECH, INC.

111 years of the Republic of China

Corporate Seal

Chairman : Wei-Chyun Wong

303

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